TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 24, 1986

BACKGROUND

In Notice to Members 85-58, dated August 30, 1985, the NASD solicited comments from members and other interested persons on a proposed new rule (new paragraph (m) Article III, Section 26, NASD Rules of Fair Practice) that would govern the prompt payment by NASD members for investment company shares.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 30, 1986

The National Association of Securities Dealers, Inc. (NASD), is requesting comment on two proposed amendments to the NASD Rules of Fair Practice. The proposed amendments would require members to (a) mark all customer order tickets "long" or "short" and (b) make an affirmative determination, before accepting a customer's order to sell a security "short," that the security will be either delivered or borrowed prior to settlement date.

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

On Tuesday, January 7, 1986, 29 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,214. These 29 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 29 issues scheduled to join NASDAQ/NMS on Tuesday, January 7, 1986, are:

TO: All NASD Members

The Securities and Exchange Commission has adopted amendments to the NASD Rules of Fair Practice and Code of Procedure which were approved by a membership vote pursuant to Notice to Members 85-43, dated June 12, 1985.

TO: All NASD Members and Other Interested Persons

The National Association of Securities Dealers, Inc., has adopted amendments to the Venture Capital Restrictions of the Corporate Financing Interpretation under Article III, Section 1 of the NASD Rules of Fair Practice, which apply to venture capital investments by NASD members and certain of their associated and affiliated control persons prior to the initial public offering of a corporation.

TO: All NASD Members and Other Interested Persons

The following is a list of NASD Notices to Members issued during the fourth quarter of 1985. Requests for copies of any notice should be accompanied by a self-addressed mailing label and directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D. C. 20006.

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

On Tuesday, January 21, 1986, 16 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,218. These 16 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 16 issues scheduled to join NASDAQ/NMS on Tuesday, January 21, 1986, are:

TO: All NASD Members and Other Interested Persons

TO: All NASD Members and Municipal Securities Dealers

ATTN: All Operational Personnel

Securities markets and the NASDAQ System will be closed on Monday, February 17, 1986, in observance of Presidents' Day. "Regular-way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

The NASDAQ System and the banks in New York State will be open on February 12, 1986, Lincoln's Birthday.

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

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

On Tuesday, February 4, 1986, 19 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,237. These 19 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 19 issues scheduled to join NASDAQ/NMS on Tuesday, February 4, 1986, are: