TO: All NASD Members and Other Interested Persons

ATTN: All Chief Executive Officers, Compliance Officers, and Registration Managers

EXECUTIVE SUMMARY

On October 28, 1986, President Reagan signed the Government Securities Act of 1986 providing for regulation of government securities activities by brokers and dealers. This legislation created new Section 15 C under the Securities Exchange Act of 1934 (Act), which necessitated revisions to Form BD and Form U-4 to accommodate this new area of regulatory jurisdiction.

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

On Tuesday, June 16, 1987, 23 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,940. These 23 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 23 issues scheduled to join NASDAQ/NMS on Tuesday, June 16, 1987, are:

TO: All NASD Members and Other Interested Persons

FROM: Options Committee of the NASD Board of Governors

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS, PROPRIETORS

TO: All NASD Members and Other Interested Persons

LAST VOTING DATE IS JULY 16, 1987.

EXECUTIVE SUMMARY

TO: All NASD Members and Municipal Securities Bank Dealers

FROM: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Friday, July 3, 1987, in observance of Independence Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule.

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

TO: All NASD Members and Other Interested Persons

Existing Limited Representative Examinations

• Investment Company Products/Variable Contracts
• Direct Participation Programs
• Municipal Securities
• Option Securities*

Products Covered in Proposed Corporate Securities United Representative Examinations

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JULY 22, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on a proposed amendment to Article III, Section 35(d)(2)(D) relating to testimonials used in members' communications with the public. The amendment would conform the NASD rule to that of the New York Stock Exchange.

The text of the proposed amendment is attached.

BACKGROUND

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: AUGUST 14, 1987.

EXECUTIVE SUMMARY

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

On Tuesday, July 7, 1987, 29 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,972. These 29 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 29 issues scheduled to Join NASDAQ/NMS on Tuesday, July 7, 1987,