Notice to Members 97-08

SEC Approves Quotation and Transaction Reporting of Direct Participation Programs

On January 7, 1997, in Release No. 34-38132, the Securities and Exchange Commission (SEC) approved NASD rules permitting the quotation of Direct Participation Programs (DPPs or limited partnerships) in the OTC Bulletin Board Service (OTCBB) and requiring all transactions in DPPs to be reported through the Automated Confirmation Transaction Service (ACT). Quotations will be permitted in the OTCBB and transactions will be required to be reported beginning May 15, 1997. NASD members are encouraged to review the SEC release approving the rule changes. The text of the relevant rule amendments is attached.