Series 82 Examination Program

NASD Regulation, Inc., has filed with the SEC the examination specifications and study outline for the Limited Representative-Private Securities Offerings (Series 82) examination program. The Series 82 examination program is proposed in connection with a proposed change to NASD Rule 1032 to implement Section 203 of the Gramm-Leach-Bliley Act of 1999 ("GLBA"), which requires the NASD, as a registered securities association, to create a new limited registration category for any associated person of a member whose investment banking and securities business is limited solely to effecting sales of private securities offerings. NASD Regulation is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of NASD Regulation or the National Association of Securities Dealers, Inc.