April 12, 1988

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 12, 1988.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to Appendix A to Article III, Section 30 of the NASD Rules of Fair Practice (Appendix A), which contains the NASD's margin maintenance rules. The proposed amendments will update the NASD's margin maintenance rules to be more responsive to current market and risk concerns.

The text of the proposed amendments is attached.

BACKGROUND

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

On Tuesday, April 19, 1988, the following 11 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,994:

TO: All NASD Members and Other Interested Persons

The following are NASD Notices to Members issued during the first quarter of 1988. Requests for copies of any notice should be accompanied by a self-addressed mailing label and directed tos NASD Administrative Services, 1735 K Street, N.W., Washington, D.C. 20006-1506.

TO; All NASD Members

LAST VOTING DATE IS MAY 28, 1988

EXECUTIVE SUMMARY

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

On Tuesday, May 3, 1988, the following two issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,976:

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS, PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS JUNE 3, 1988

EXECUTIVE SUMMARY

NASD members are invited to vote on a proposed amendment to Article V, Section 1 of the NASD Rules of Fair Practice and Section 12(2) of the proposed Government Securities Rules. The amendments would remove the current limitation of $15,000 that a member or person associated with a member may be fined for each violation of the Rules of Fair Practice or the proposed Government Securities Rules.

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The SEC has approved amendments to Schedule E to the NASD By-Laws governing the public offering of securities issued by a member, the parent of a member, or an affiliate of a member. With the exception of an exemption from Schedule E for investment grade securities, eollateralized by financing instruments, the remaining changes to Schedule E involve clarifying amendments.

The text of the amendments is attached.

BACKGROUND

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The Securities and Exchange Commission recently approved the NASD's adoption of new Section 67 to the NASD's Uniform Practice Code. This section requires the syndicate manager of a public offering underwritten on a "firm commitment" basis to immediately notify the NASD's Uniform Practice Department of any delay in the anticipated closing date.

The text of the new rule is attached.

BACKGROUND

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

On Tuesday, May 17, 1988, the following seven issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,945: