TO: NASD Members Participating in Sales of Direct Participation Program Securities

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Good Friday, April 5, 1985. "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 and Other Interested Persons

Attention: Direct Participation Programs Department

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS APRIL 15, 1985

Enclosed herewith is a proposed amendment to Article III, Section 33 of the Rules of Fair Practice. This amendment has been approved by the Association's Board of Governors for submission to the membership for a vote. If approved, the amendment must then be filed with, and approved by, the Securities and Exchange Commission.

BACKGROUND OF THE PROPOSED AMENDMENT

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

On Tuesday, April 2, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,766. 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, April 2,

1985, are:

TO: All NASD Members

LAST DATE FOR COMMENT: APRIL 28, 1985

The National Association of Securities Dealers, Inc., is requesting comment on proposed rule amendments which would require that companies with securities included in the NASDAQ National Market System (NASDAQ/NMS) adhere to certain standards of corporate governance. This notice contains a discussion of the background of these rules and a section-by-section analysis. The text of the proposed rules is attached.

HISTORY AND BACKGROUND

TO: All NASD Members and Other Interested Persons

The National Association of Securities Dealers ("Association" or "NASD") is publishing for comment by members and all other interested persons a proposed rule which would establish new requirements for the private securities transactions of persons associated with member firms. The rule would replace in its entirety the Private Securities Transactions Interpretation under Article III, Section 27 of the NASD Rules of fair practice. ^1/

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

On Tuesday, April 16, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,861. 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, April 16, 1985, are

TO: All NASD Members and Other Interested Persons

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

IMPORTANT

Officers * Partners * Proprietors Operations and P&S Department Managers

TO: ALL NASD Members

In its Notice to Members 84-55 dated October 15, 1984, the Association announced plans to implement a NASDAQ Equity Audit Trail and detailed the seven phases to be followed for completion of the plan. As described in that notice, Phase I involves the collection of additional information from members through the facilities of the clearing corporations to include: