TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: AUGUST 22, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on a proposed amendment to Schedule C to the By-Laws that would establish a new level of registration — below the level of "Representative" — for persons in member firms whose activities are limited to providing current securities quotations and accepting unsolicited customer orders and unsolicited new accounts.

The text of the proposed amendment is attached.

BACKGROUND

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

On Tuesday, August 4, 1987, 30 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,018. These 30 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 30 issues scheduled to join NASDAQ/NMS on Tuesday, August 4, 1987, are:

TO: All NASD Members and Other Interested Persons

ATTENTION: REGISTRATION AND TRAINING PERSONNEL

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission (SEC) has amended its net capital, recordkeeping, and quarterly securities-count rules under the Securities Exchange Act of 1934 regarding the treatment of repurchase (repo) and reverse repurchase (reverse repo) agreements entered into by registered broker-dealers.

The amendments to SEC Rule 15c3-l will become effective on September 10, 1987. The amendments to SEC Rules 17a-3 and 17a-13 became effective on July 25, 1987.

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: SEPTEMBER 12, 1987.

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: SEPTEMBER 11, 1987.

EXECUTIVE SUMMARY

On October 28, 1986, President Reagan signed the Government Securities Act of 1986, providing for the regulation of government securities activities by brokers and dealers. This legislation created a new section 15C of the Securities Exchange Act of 1934, which requires SEC registration and either NASD or exchange membership for government securities brokers and dealers.

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

On Tuesday, August 18, 1987, the following 8 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,018.

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The Securities and Exchange Commission declared effective, on July 1, 1987, amendments to Section 43 of the NASD Code of Arbitration Procedure (Code) and the Board of Governors' Resolution titled "Failure to Act under Provisions of the Code of Arbitration Procedure" (Resolution).

TO: All NASD Members and Municipal Securities Bank Dealers

FROM: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, September 7, 1987, in observance of Labor Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule.

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