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

On Tuesday, September 16, 1986, 27 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,569. These 27 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 27 issues scheduled to join NASDAQ/NMS on Tuesday, September 16, 1986, are:

TO: All NASD Members and Other Interested Persons

The ribbon-cutting ceremony for the new 110,000-square-foot NASD Operations Center, which will serve the NASD membership and the NASDAQ market, will be September 17, 1986. The facility, located 18 miles north of Washington, D.C., in Rockville, Maryland, will support 200-million-share trading days and provide the first complete, back-up computer communications system of any securities market in the world.

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

The schedule of trade dates/settlement dates below reflect the observance by the financial community of Columbus Day, Monday, October 13, 1986. On this day, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed in observance of Columbus Day.

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

TO: All NASD Members, Associated Persons and Other Interested Persons

EXECUTIVE SUMMARY

NASD rules and policies consider associated persons of a member to be employees of the member, regardless of their locations or compensation arrangements. The notice addresses regulatory issues that relate to off-site employment of registered persons, including supervisory procedures, private securities transactions, fair dealings with customers and communications with the public.

TO: All NASD Members and Other Interested Persons

ATTN: Direct Participation Programs Department

EXECUTIVE SUMMARY

This notice examines a number of due diligence reimbursement practices that have arisen in the area of public offerings of direct participation programs and the appropriateness of those practices under the NASD's underwriting compensation guidelines. This notice is a amplification of earlier NASD notices on this subject.

BACKGROUND

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

On Tuesday, October 7, 1986, 23 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,580. These 23 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 23 issues scheduled to join NASDAQ/NMS on Tuesday, October 7, 1986, are:

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS NOVEMBER 3, 1986.

EXECUTIVE SUMMARY

NASD members are invited to vote on a proposed amendment to the NASD Rules of Fair Practice that would require advertising and sales literature for publicly offered direct participation programs to be filed with the NASD's Advertising Department. The NASD will review the material for conformance with the guidelines contained in Article III, Section 35 of the Rules of Fair Practice.

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The Securities and Exchange Commission recently approved amendments to the Board of Governors' Interpretation on Prompt Receipt and Delivery of Securities and Article III, Section 21 of the NASD Rules of Fair Practice (SEC Release No. 34-23572). The amendments, which will become effective on October 15, 1986, provide for additional regulation of short selling in the over-the-counter market. The text of the amendments is attached.

ACCEPTING ORDERS

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

On Tuesday, October 21, 1986, 12 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,602. These 12 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 12 issues scheduled to join NASDAQ/NMS on Tuesday, October 21, 1986, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel