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

On Tuesday, December 3, 1985, 23 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,183. These 23 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 23 issues scheduled to join NASDAQ/NMS on Tuesday, December 3, 1985, are:

TO: All NASD Members and Interested Persons

Listed below is the NASD's 1986 schedule of holidays.

TO: All NASD Members

The Securities and Exchange Commission has adopted the amendments proposed in March to its shareholder communications rules. The amendments, which specify the obligations of brokerage firms and issuers, stipulate:

• That issuers who request a list of nonobjecting security holders from one broker must request it from all brokers with customers who beneficially own the issuer's securities.

• That brokerage firms must provide the beneficial-owner lists to issuers as often as they request the information.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 2, 1986

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Wednesday, December 25, 1985, Christmas Day, and Wednesday, January 1, 1986, New Year's Day. "Regular-way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

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

On Tuesday, December 17, 1985, 16 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,194. These 16 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 16 issues scheduled to join NASDAQ/NMS on Tuesday, December 17, 1985, are:

TO: All NASD Members and Other Interested Persons

On November 12, 1985, the Securities and Exchange Commission approved a new Article III, Section 40 of the NASD Rules of Fair Practice (SEC Release No. 34-22617). The rule establishes new requirements for the private securities transactions of persons associated with members, and entirely replaces the Private Securities Transactions Interpretation under Article III, Section 27 of the rules. The new rule became effective upon approval by the SEC.

The text of the new rule is attached.

BACKGROUND

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

The schedule of trade dates/settlement dates below reflects the observance by the financial community of Martin Luther King, Jr.'s Day, Monday, January 20, 1986. On Monday, January 20, 1986, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 24, 1986

BACKGROUND

In Notice to Members 85-58, dated August 30, 1985, the NASD solicited 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

LAST DATE FOR COMMENT: JANUARY 30, 1986

The National Association of Securities Dealers, Inc. (NASD), is requesting comment on two proposed amendments to the NASD Rules of Fair Practice. The proposed amendments would require members to (a) mark all customer order tickets "long" or "short" and (b) make an affirmative determination, before accepting a customer's order to sell a security "short," that the security will be either delivered or borrowed prior to settlement date.