Rule 354. Reports to Control Persons

(a) By April 1 of each year, each member organization shall submit a copy of the report that Rule 342.30 requires the member organization to prepare to its one or more control persons or, if the member organization has no control person, to the audit committee of its Board of Directors or its equivalent committee or group. In the case of a control person that is an organization (a "controlling organization"), the member organization shall submit the report to the general counsel of the controlling organization and to the audit committee of the controlling organization's Board of Directors or its equivalent committee or group.

(b) For the purpose of paragraph (a), "control person" means a person who controls the member organization within the meaning of Rule 2 otherwise than solely by virtue of being a director, general partner or principal executive (or person occupying a similar status or performing similar functions) of the member organization.