TO: All NASD Members

Enclosed herewith are proposed amendments to the Association's Uniform Practice Code ("Code") which were approved by the Board of Governors at its November 19, 1982, meeting. The amendments are being submitted to the membership for comment. After the comment period has expired, the Board of Governors will again review the proposal taking into consideration the comments received, and will thereafter submit the proposals as may be amended in response to the comments received, to the Securities and Exchange Commission for approval.

I M P O R T A N T

TO: All NASD Members

SUMMARY

The Securities and Exchange Commission has published for comment a proposed rule addressing the issue of exchange and over-the-counter market makers internalizing customer orders in Rule 19c-3 securities and whether inter market exposure of customer orders should be required. Internalization has been defined by the Commission as a dealer executing customer transactions as principal or crossing agency transactions in-house without exposing those orders to buying and selling interest in other markets.

TO: All NASD Members And Interested Persons

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On Thursday, February 10, 1983, the United States District Court for the Northern District of Ohio, Western Division, appointed a SIPC Trustee for the above-captioned firm. Previously, a temporary receiver had been appointed for the firm on February 5, 1983.

TO: All NASD Members

ATTENTION: Officers, Partners, and Proprietors

BACKGROUND

On September 3, 1982, President Reagan signed into law the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA" or the "Act"). The purpose of the law was to raise nearly $100 billion in additional federal revenues through targeted tax increases and reform measures designed to improve taxpayer compliance.

TO: All NASD Members

Recently, Norman T. Wilde, Jr., Chairman of the NASD, received a letter from Vice President George Bush advising of the Administration's formation of a Task Group to review the existing system of federal regulation of financial institutions and services.

TO: All NASD Members and Other Interested Persons

TO: All NASD Members and Other Interested Persons

ATTENTION: Direct Participation Programs Department

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, 1983. "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