TO: All NASD Members

The Association has been, receiving an increased number of inquiries regarding the application of Article III, Section 26 of the Rules of Fair Practice to certain compensation arrangements, and proposed arrangements, between principal underwriters and dealers in open-end management investment company shares (mutual funds) and unit investment trusts. These inquiries are primarily related to subsection (k) of the rule (the Anti-Reciprocal Rule) and subsection (1) of the rule, which addresses dealer concessions and other forms of compensation.

TO: All NASD Members and Level 2 and Level 3 Subscribers

With the 40 issues joining NASDAQ's National Market System on Tuesday, August 14, there will be over 1,053 issues trading under real-time trading reporting. These 40 issues meet the SEC's voluntary designation criteria.

The securities scheduled to join NMS on Tuesday, August 14, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, September 3, 1984, in observance of Labor Day. "Regular-Way" transactions made on the business days immediately preceding that day will be subject to the following schedule.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members

The NASDAQ market will be open on Election Day, Tuesday, November 6, 1984, marking the first time in NASDAQ's 13-year history that it has been open for trading on Presidential Election Day.

In addition, all NASD offices will be staffed on that date and will follow normal operating hours.

Sincerely,

Gordon S. Macklin
President

TO: All NASD Members

ATTN: Operations Principals, Cashiers, and P&S Dept.

The Securities and Exchange Commission has approved amendments to Sections 5, 9, 12 and 30 of the Uniform Practice Code. The Code prescribes the manner in which over-the-counter securities transactions other than those cleared through a registered clearing agency are compared, cleared and settled between NASD member firms. These amendments apply to all NASD members.

BACKGROUND AND EXPLANATION OF AMENDMENTS

IMPORTANT

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

COMMENTS MUST BE RECEIVED BY OCTOBER 1, 1984

TO: All NASD Members and Level 2 and Level 3 Subscribers

The Securities and Exchange Commission has approved amendments to Schedule D of the Association's By-Laws with respect to the rules which permit the aggregation or "bunching" of orders in NASDAQ National Market System securities into a single transaction report.

TO: All NASD Members and Other Interested Persons

IMPORTANT

PLEASE DIRECT THIS NOTICE TO ALL FINANCIAL AND OPERATIONAL OFFICERS AND PARTNERS

TO: All NASD Members and Other Interested Persons

TO: All NASD Members and Level 2 and Level 3 Subscribers

With the 32 issues joining the NASDAQ/National Market System on Tuesday, September 18, 1984, there will be 1,078 securities trading under real-time trade reporting. These 32 issues meet the SEC's voluntary designation criteria.

The 32 securities scheduled to be phased into NASDAQ/NMS on September 18 are: