TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The U.S. Department of the Treasury recently adopted regulations under the South African Sanctions Act. The provisions of the Act were the subject of NASD Notice to Members 86-76.

This notice provides information relating to the new investment provisions of the Act which became effective on November 16, 1986.

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS MARCH 21, 1987.

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

ATTN: Syndicate Department

On October 1, 1985, the NASD adopted Section 66 to its Uniform Practice Code requiring syndicate managers to settle syndicate accounts within 120 days of the date securities are delivered by the issuer to or for the account of syndicate members. At that time, the NASD stated its intention to review members' experience under the 120-day requirement after one year with a view to reducing the settlement period to 90 days.

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

On Tuesday, March 3, 1987, 17 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,788. These 17 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 17 issues scheduled to join NASDAQ/NMS on Tuesday, March 3, 1987, are:

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The SEC recently approved an amendment to Section 2 of Schedule G of the NASD By-Laws (SEC Release Number 34-23780). The amendment, which is effective immediately, requires NASD members to report transactions in listed securities executed in the over-the-counter market in the United States between 4:00 p.m. and 4:30 p.m. Eastern Time to the Consolidated Tape Association (CTA) through the NASDAQ System.

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS MARCH 29, 1987.

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT IS APRIL 15, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to Article I, Section (c) of the NASD By-Laws and Schedule C to the NASD By-Laws that would clarify that branch offices of NASD member firms located outside the United States fall within the definition of "branch office."

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS APRIL 5, 1987.

EXECUTIVE SUMMARY

NASD members are invited to vote on proposed amendments to Article III, Sections 21(b) and 41 of the NASD Rules of Fair Practice. The NASD Board of Governors has reviewed the applicablity of recent regulation of short-sale practices by NASD members to various types of securities and believes its appropriate to propose certain amendments.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: April 9, 1987.

EXECUTIVE SUMMARY

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

On Tuesday, March 17, 1987, 20 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,802. These 20 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 20 issues scheduled to join NASDAQ/NMS on Tuesday, March 17, 1987, are: