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NASD Clarifies That "Negative Consents" May Not be Used to Change "Broker of Record"

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Home Perspectives NASD Clarifies That "Negative Consents" May Not be Used to Change "Broker of Record"

On October 5, 2004, the NASD posted Notice to Members (NtM) 04-72 to clarify that a member must obtain affirmative consent from a customer to change the broker-dealer identified on a customer’s mutual fund or variable annuity account application (BD of record) for accounts held directly at a mutual fund or variable insurance product issuer.

http://www.nasdr.com/pdf-text/0472ntm.pdf

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