Tuesday, January 31, 2006

Comment Period Open on Proposed Changes to Gifts and Entertainment.

The Proposed IM would supersede prior staff guidance regarding business entertainment practices. The overriding principle of the new IM is that a member or its associated persons should not do or give anything of value to an employee of a customer that is intended or designed to cause, the employee to act in a manner that is inconsistent with the best interests of the customer. The proposed IM provides detailed guidance regarding written policies and procedures that members must adopt.

The New York Stock Exchange announced that it would seek approval from to amend its gifts and entertainment rule.

Comments on the Proposed IM are due by February 23, 2006.
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