Executive Summary

December 1998

SEC 1999 BD-Y2K Independent Public Accountant's Report

Treasury Makes New Mailing Lists Available Via The Internet

Recently, the U.S. Department of Treasury (Treasury) allowed interestedparties to sign up for the followingtwo new mailing list notificationpages via the Bureau of the PublicDebt's Web site:

Executive Summary

January 1999

Contingency Planning

Wire Transfer Of Corporate Financing Fees

The Corporate Financing Department of NASD Regulation, Inc. (NASD Regulation^SM) will now accept the payment of the Corporate Financing filingfee by wire transfer. (The Department will continue to accept checks or money orders, too.) To obtain the necessary information for wire transfers, please contact the Compliance Unit of the Corporate Financing Department at (202) 974-2700.

February 1999

Year 2000 Legal Update

As we rapidly approach the Year 2000, there are some legal issues that all member firms should consider. Following is important information on disclosure requirements.

Rule Filing Status As Of March 4, 1999

NASD Rule Filing Status

March 1999

Deadline For Completion Of Form BD-Y2K Is Near

The National Association of Securities Dealers, Inc. (NASD^®) recently mailed a Form BD-Y2K package to each member firm for completion by April 30, 1999.

Amendments To Guidelines Regarding California Arbitration Proceedings

Information in NASD Notice to Members 99-10 (February), which applies to NASD Regulation, Inc. (NASD Regulation^SM) arbitration proceedings in California, and governs the activities of non-California attorneys, has been amended and should be reviewed by anyone participating in a California arbitration proceeding. The original Guidelines became effective on January 1, 1999.