IMPORTANT

TO: All NASD Members and Other Interested Persons

In November 1984, the SEC approved, by a split vote, the NASD's longstanding petition that the Commission amend its rule governing the qualifications for companies seeking inclusion in the NASDAQ National Market System.

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

On Tuesday, August 20, 1985, 22 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 2,091. These 22 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 22 issues scheduled to join NASDAQ/NMS on Tuesday, August 20, 1985, are:

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: ALL NASD Members

LAST VOTING DATE IS SEPTEMBER 13, 1985

Enclosed is a proposed addition to Article III of the NASD's Rules of Fair Practice. The proposed new rule has been approved by the Board of Governors and now requires the membership's approval,

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, September 2, 1985, in observance of Labor Day. "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

ATTN: Operations Officer, Cashier, Fail-Control Department

On August 13, 1985, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above-captioned firm.

Please refer to Notice to Members 85-51 regarding the previous appointment of a Temporary Receiver.

Questions regarding the firm should be directed to:

SIPC Trustee

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

On Tuesday, September 3, 1985, 24 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,111. These 24 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 24 issues scheduled to join NASDAQ/NMS on Tuesday, September 3, 1985, are:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: SEPTEMBER 30, 1985

The National Association of Securities Dealers, Inc. (NASD), is soliciting comments from members and other interested persons on a proposed new rule (new paragraph (m), Article III, Section 26, NASD Rules of Fair Practice) that would govern the prompt payment by NASD members for investment company shares.

TO: All NASD Members and Other Interested Persons

ATTN: Syndicate Department

The NASD has adopted an amendment to its Uniform Practice Code to require syndicate managers to settle syndicate accounts within 120 days of the syndicate settlement date. The text of the amendment, which will be effective October 1, 1985, is attached.

Explanation Of Proposed Amendment

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On September 4, 1985, the Federal District Court for the Eastern District of Arkansas appointed a SIPC Trustee for the above captioned firm.

Please refer to Notice to Members 85-28 regarding the previous appointment of a Temporary Receiver.

Questions regarding the firm should be directed to:

SIPC Trustee

TO: All NASD Members and Other Interested Persons

In a recent letter to the NASD (see the enclosure), the Securities and Exchange Commission's Division of Market Regulation expressed concern that certain brokers and dealers may have entered into agreements with their clearing entities that violate the provisions of the Commission's hypothecation rules (8c-l and 15c2-l). These rules are designed, among other things, to prevent brokers or dealers from commingling customers' and firm securities to collateralize the same loan.