Which of the following, under the NASD Conduct Rules, would constitute a complaint?
I. An angry telephone call from a customer to a registered
representative’s (RR) supervising principal, complaining about
the RR’s attitude.
II. A letter, written by a client’s attorney, to the compliance
office of a broker-dealer, which alleges impropriety in the
handling of the client’s discretionary account.
III. A telephone call to a principal in a broker-dealer firm, from
a principal in another firm, alleging that one of the firm’s
RRs has been “stealing” customers.
IV. A hand-written note, sent to a RR, by a customer who is
unhappy with the recommendations and performance of the RR.
a) I, II, III, IV
b) II, IV
c) I, III
d) II, III, IV
The correct answer is b.
The NASD defines a “complaint” as adverse communications that are in writing. Choices I and III are matters that the appropriate principal would look into, but they are not technically complaints.
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