IMPORTANT

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

TO: All NASD Members and Other Interested Persons

Since the issuance of Notice to Members 84-48, requests for clarification have been received concerning that portion of the Notice dealing with the treatment to be accorded commissions payable.

After further discussion with the staff of the SEC's Division of Market Regulation, the following explanation sets forth the proper method for the handling of commissions payable pursuant to SEC Rule 15c3-l:

TO: All NASD Members and Other Interested Persons

ATTN: Corporate Financing Department

TO: NASD Members and NASDAQ Issuers

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

On Tuesday, February 5, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,374. These 100 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 100 issues scheduled to join NASDAQ/NMS on Tuesday, February 5, 1985, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

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

On Tuesday, February 19, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,472. These 100 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 100 issues scheduled to join NASDAQ/NMS on Tuesday, February 19, 1985, are:

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

IMPORTANT

TO: All NASD Members and Other Interested Persons

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

On Tuesday, March 5, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,569. These 100 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 100 issues scheduled to join NASDAQ/NMS on Tuesday, March 5, 1985, are:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On February 7, 1985, the United States District Court for the Central District of California appointed a SIPC trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59 (i)(2) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSRB Rule G-12 (h)(iii) provides that members may use the above procedures to close-out transactions in municipal securities.