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

On Tuesday, January 22, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,276. These 100 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation. Changes in the voluntary criteria were recently approved by the SEC in November, 1984 and will become effective January 22, 1985.

IMPORTANT

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

LAST VOTING DATE IS FEBRUARY 14, 1985

Members of the National Association of Securities Dealers, Inc. ("NASD" or "Association") are invited to vote on certain amendments to the Association's By-Laws contained in Exhibit A to this Notice for Members. In addition, amendments to the Association's Code of Procedure related to the proposed By-Law amendments are being published for comment.

TO: All NASD Members and Other Interested Persons

Following is a list of NASD Notices to Members issued during the fourth quarter of 1984. Requests for copies of any notice should be accompanied by a self-addressed label and may be directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D. C. 20006.

IMPORTANT

PLEASE DIRECT THIS NOTICE TO ALL FINANCIAL AND OPERATIONAL OFFICERS AND PARTNERS

TO: All NASD Members and Other Interested Persons

Since the issuance of Notice to Members 84-48, requests for clarification have been received concerning that portion of the Notice dealing with the treatment to be accorded commissions payable.

After further discussion with the staff of the SEC's Division of Market Regulation, the following explanation sets forth the proper method for the handling of commissions payable pursuant to SEC Rule 15c3-l:

TO: All NASD Members and Other Interested Persons

ATTN: Corporate Financing Department

TO: NASD Members and NASDAQ Issuers

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

On Tuesday, February 5, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,374. These 100 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 100 issues scheduled to join NASDAQ/NMS on Tuesday, February 5, 1985, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

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

On Tuesday, February 19, 1985, 100 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,472. These 100 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 100 issues scheduled to join NASDAQ/NMS on Tuesday, February 19, 1985, are:

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