Extension of Effective Date of NASD Uniform Branch Office Definition, Form BR, and Form U4 Filing Requirements from May 1, 2006 to July 3, 2006

The NASD has filed with the SEC for an extension, to July 3, 2006, of:

• the effective date for the Branch Office Definition;
• the transition deadline for compliance with Form BR (Branch Office Registration Form); and
• the transition deadling for Form U4 filing requirements for all member firms with respect to those branch offices of a firm in existence before the close of business on October 14, 2005.

It is important to note that the Form BR must list all branch offices, including the home office, and offices of supervisory jursidiction ("OSJ") which meet the definition of a branch office, as set forth in Rule 3010. As a result, each member firm must file a Form BR reflecting their main office as an OSJ branch office. The main office address and information will still be reflected on the Form BD, however the Form BR filing is required in order to link the firm's registered agents to a registered Branch Office for supervisory purposes.

In conjunction with the Form BR, Form U-4 amendments may also be required as a result of the new branch filing requirements. Accordingly, all NASD member firms must link each of their registered agents to a registered Branch Office no later than July 3, 2006. To the extent an agent works in a non-registered location (e.g. - his residence), that location and the location from which he/she is supervised must be reflected on the individual's Form U-4.