The National Association of Securities Dealers has proposed a new rule regarding the reporting and review of designated contact information. New Rule 1160 would consolidate and amend certain obligations of its members to identify and report to NASD information regarding designated contact persons, which currently appear in Rules 1120, 1150, 3520 and IM-3011-2. The new rule would require members to provide the required designated contact information and to update it no later than 30 days following any change.

In addition, the new rule requires members to promptly comply with any NASD request for such information (no later than 15 days after the request). However, the quarterly review of contact information that is required by the existing rules listed above would be replaced by an annual review under the new rule, with the obligation to update contact information within 17 business days after the end of each calendar year. The new rule would also eliminate the requirement that only a firm’s Executive Representative be permitted to review or update the firm’s emergency contact information.

The comment period for this proposal closes June 21.