TO: All NASD Members and Interested Persons

LAST DATE FOR COMMENT: MAY 1, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on a proposed amendment to Article V, Section 1 of the NASD Rules of Fair Practice. The amendment would remove the current limitation of $15,000 that a member or a person associated with a member could be fined for each violation of the Rules of Fair Practice.

The NASD Board of Governors believes this amendment is necessary in order to enhance the NASD's flexibility in imposing sanctions for serious misconduct.

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

On Tuesday, April 7, 1987, 37 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,847. These 37 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 37 issues scheduled to join NASDAQ/NMS on Tuesday, April 7, 1987, are:

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

ATTN: Syndicate Department

The NASD has adopted an amendment to Section 66 of its Uniform Practice Code that reduces the period required for final settlement of syndicate accounts from 120 days to 90 days. The text of the amendment, which will become effective May 1, 1987, is attached.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 14, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to Article III, Section 35 of the NASD Rules of Fair Practice. The amendments provide that advertisements concerning government securities are to be filed by members with the NASD's Advertising Department within 10 days of first use or publication.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 8, 1987.

EXECUTIVE SUMMARY

The NASD is requesting comments and suggestions on the concept of a rule that would restrict broker-dealers that are affiliated with issuers from making a market or trading in the securities of those issuers. The NASD invites comments on whether such practices should be restricted and, if so, the nature of affiliation that should trigger the restrictions and the types of restrictions that should apply.

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

On Tuesday, April 21, 1987, 12 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,850. 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, April 21, 1987, are:

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

On Tuesday, May 5, 1987, 19 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,869. These 19 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 19 issues scheduled to join NASDAQ/NMS on Tuesday, May 5, 1987, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, May 25, 1987, in observance of Memorial 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

TO: All NASD Members
All Level 2 and Level 3 Subscribers
Other Interested Persons

EXECUTIVE SUMMARY