TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission has amended Rule 15c3-3 under the Securities Exchange Act of 1934. These amendments, which for the most part, become effective on November 22, 1985, are designed to assure that customer funds and securities held by broker-dealers are protected against misuse or insolvency. It is anticipated that the net effect of these amendments will not materially affect most members, but could require greater deposits to be made in the Reserve Bank Account of some broker-dealers.

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

On Tuesday, November 19, 1985, 18 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,172. These 18 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 18 issues scheduled to join NASDAQ/NMS on Tuesday, November 19, 1985, are:

IMPORTANT

TO: All NASD Members and Other Interested Persons

At its November meeting, the NASD's Board of Governors determined to take several actions in the area of short sale regulation in the over-the-counter securities market. This notice summarizes these actions.

Reporting of Open Short Interest Positions

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

On Tuesday, December 3, 1985, 23 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,183. These 23 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 23 issues scheduled to join NASDAQ/NMS on Tuesday, December 3, 1985, are:

TO: All NASD Members and Interested Persons

Listed below is the NASD's 1986 schedule of holidays.

TO: All NASD Members

The Securities and Exchange Commission has adopted the amendments proposed in March to its shareholder communications rules. The amendments, which specify the obligations of brokerage firms and issuers, stipulate:

• That issuers who request a list of nonobjecting security holders from one broker must request it from all brokers with customers who beneficially own the issuer's securities.

• That brokerage firms must provide the beneficial-owner lists to issuers as often as they request the information.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 2, 1986

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Wednesday, December 25, 1985, Christmas Day, and Wednesday, January 1, 1986, New Year's Day. "Regular-way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

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

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

On Tuesday, December 17, 1985, 16 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,194. These 16 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 16 issues scheduled to join NASDAQ/NMS on Tuesday, December 17, 1985, are:

TO: All NASD Members and Other Interested Persons

On November 12, 1985, the Securities and Exchange Commission approved a new Article III, Section 40 of the NASD Rules of Fair Practice (SEC Release No. 34-22617). The rule establishes new requirements for the private securities transactions of persons associated with members, and entirely replaces the Private Securities Transactions Interpretation under Article III, Section 27 of the rules. The new rule became effective upon approval by the SEC.

The text of the new rule is attached.

BACKGROUND