TO: All NASD Members and Municipal Securities Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, February 15, 1988, in observance of Presidents' Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below. The NASDAQ System and the banks in New York State will be open on February 12, 1988, Lincoln's Birthday.

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

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

On Tuesday, February 16, 1988, the following nine issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,030:

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The NASD has adopted an arbitration filing fee and advertising service charge that will be imposed on certain arbitration Submission Agreements, advertisements, sales literature, and other such material received by the NASD on and after February 22, 1988.

TO: All NASD Members and Other Interested Persons

The NASD has amended Section 12 of Schedule A to the NASD By-Laws to increase to $1,000 the application fee imposed on a member firm that files an application seeking approval to employ or to continue to employ as an associated person an individual who is subject to a disqualification as set forth in Article II, Section 4 of the NASD By-Laws.

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

On Tuesday, March 1, 1988, the following six issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 3,004:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MARCH 31, 1988.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to the NASD Rules of Fair Practice that would generally prohibit members from accepting non-cash sales compensation in connection with the distribution of investment company and variable contract products.

TO: All NASD Members and Other Interested Persons

On February 8, 1988, the NASD published Notice to Members 88-11 requesting comment on proposed amendments to Article III, Section 27 of the NASD Rules of Fair Practice. These amendments would (1) prescribe specific supervisory practices and procedures for all member firms and (2) revise the definitions of "office of supervisory jurisdiction" and "branch office." Comments were requested to be submitted no later than March 1, 1988.

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS, PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS APRIL 10, 1988.

EXECUTIVE SUMMARY

NASD members are invited to vote on a proposed amendment to Article VII, Section l(a) of the NASD By-Laws that would authorize the NASD Board of Governors to require members conducting an interdealer OTC business to report trade data.

The text of the amendment is attached.

BACKGROUND

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: APRIL 14, 1988.

EXECUTIVE SUMMARY

The NASD requests comments on a proposed amendment to Article III, Section 35 of the NASD Rules of Fair Practice. The amendment would require advertising and sales literature for registered investment company securities to be filed by members with the NASD Advertising Department within 10 days of first use or publication.

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 1, 1988. "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