Notice to Members 96-08
SEC Approves Amendments to Section 59 of the Uniform Practice Code Clarifying Delivery Deadlines That May be Specified in Buy-In Notices
On December 28, 1995, the Securities and Exchange Commission (SEC) approved amendments to Section 59 of the Uniform Practice Code (UPC). The amendments clarify that the delivery deadlines that may be specified in buy-in notices issued pursuant to Section 59 may not specify a delivery time earlier than 3 p.m., Eastern Time (ET), for depository eligible securities. The amendments are effective immediately. The text of the amendments follows this Notice.
Questions regarding this Notice may be directed to Dorothy L. Kennedy, Assistant Director, Nasdaq Market Operations, (203) 385-6243