Final answer:
A member firm that sells new issues must comply with certain requirements, including selling at a fair price and to qualified investors.
Step-by-step explanation:
When a member firm sells new issues, they must comply with certain requirements.
One important requirement is that the member firm must ensure that the new issues are sold at a fair price.
This means that the firm should not engage in any price manipulation or fraudulent practices.
The member firm should also ensure that the new issues are sold to qualified investors who meet certain criteria.
These criteria may include financial stability, investment experience, or regulatory requirements.