TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The SEC has approved amendments to Schedule E to the NASD By-Laws governing the public offering of securities issued by a member, the parent of a member, or an affiliate of a member. With the exception of an exemption from Schedule E for investment grade securities, eollateralized by financing instruments, the remaining changes to Schedule E involve clarifying amendments.

The text of the amendments is attached.

BACKGROUND

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The Securities and Exchange Commission recently approved the NASD's adoption of new Section 67 to the NASD's Uniform Practice Code. This section requires the syndicate manager of a public offering underwritten on a "firm commitment" basis to immediately notify the NASD's Uniform Practice Department of any delay in the anticipated closing date.

The text of the new rule is attached.

BACKGROUND

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

On Tuesday, May 17, 1988, the following seven issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,945:

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 30, 1988, 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

ATTN: Operations Officer, Cashier, Fail-Control Department

On May 25, 1988, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above member.

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.

Questions regarding the firm should be directed to:

SIPC Trustee

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

On June 1, 1988, the NASD will institute the Limited Representative—Corporate Securities, a new category of registration. This new registration category will qualify persons associated with NASD members to solicit, purchase, or sell corporate securities, as defined in the amendment to Schedule C Part III, Section 29(e) to the NASD By-Laws.

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

On Tuesday, June 7, 1988, the following 10 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,950:

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS, PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS JULY 1, 1988.

EXECUTIVE SUMMARY

TO: All NASD Members and Municipal Securities Bank Dealers

FROM: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, July 4, 1988, in observance of Independence 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 and Level 2 and Level 3 Subscribers

On Tuesday, June 21, 1988, the following 14 issues are scheduled to join the NASDAQ National Market System (NASDAQ/NMS), bringing the total number of issues in NASDAQ/NMS to 2,954: