How are words such as must and should interpreted?
Criteria and provisions in NASD standards are applied with careful attention to distinctions among standards, guidelines, and recommendations. Statements using terms such as shall, must, and essential outline threshold standards. Statements using the word normally indicate one or more of the numerous conditions usually present when there is compliance with a threshold standard. Statements using the word should represent guidelines. Statements using the terms recommendation or suggestion indicate advice based on consensus of the profession. Accreditation is based on assurance that an institution meets the threshold standards agreed upon by the Association. Guidelines and advice, while related to fulfillment of functions required by the standards, are not themselves threshold standards.
