Notice to Members 97-15

SEC Approves Amendments to ACT Rules to Require Market Makers to Denote When They Have Effected an Exempt Short-Sale

On February 5, 1997, the Securities and Exchange Commission (SEC) approved an amendment to the Automated Confirmation Transaction (ACT) Service rules (NASD Rule 6130) to require all Market Makers to mark their ACT reports to denote when they have relied on the Market Maker exemption to the NASD short-sale rule. (see endnote 1) The effective date for the Rule change is April 7, 1997.