To: All NASD Members and Other Interested Persons

COMMENT PERIOD CLOSES ON: AUGUST 17, 1984

The National Association of Securities Dealers, Inc. ("Association" or "NASD") is requesting comments on possible amendments to restrictions which apply to venture capital investments by NASD members and certain of their control persons. ^1/ The proposed amendments, which are discussed in concept below, generally would liberalize the present restrictions.

Present Requirements

TO: All NASD Members and Other Interested Persons

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

An additional five securities will join the NASDAQ National Market System on Tuesday, August 7, 1984. These securities have met the NMS mandatory designation requirements as of the end of the second quarter and, as required by SEC Rule HAa2-l, automatically are added to the National Market System within 45 days of the quarter ending date.

The five securities joining NMS on Tuesday, August 7, are:

TO: All NASD Members and Other Interested Persons

Following is a list of NASD Notices to Members issued during the second quarter of 1984. Requests for copies of any notice should be accompanied by a self-addressed label and may be directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D.C. 20006.

TO: All NASD Members

The Association has been, receiving an increased number of inquiries regarding the application of Article III, Section 26 of the Rules of Fair Practice to certain compensation arrangements, and proposed arrangements, between principal underwriters and dealers in open-end management investment company shares (mutual funds) and unit investment trusts. These inquiries are primarily related to subsection (k) of the rule (the Anti-Reciprocal Rule) and subsection (1) of the rule, which addresses dealer concessions and other forms of compensation.

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

With the 40 issues joining NASDAQ's National Market System on Tuesday, August 14, there will be over 1,053 issues trading under real-time trading reporting. These 40 issues meet the SEC's voluntary designation criteria.

The securities scheduled to join NMS on Tuesday, August 14, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, September 3, 1984, in observance of Labor Day. "Regular-Way" transactions made on the business days immediately preceding that day will be subject to the following schedule.

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

TO: All NASD Members

The NASDAQ market will be open on Election Day, Tuesday, November 6, 1984, marking the first time in NASDAQ's 13-year history that it has been open for trading on Presidential Election Day.

In addition, all NASD offices will be staffed on that date and will follow normal operating hours.

Sincerely,

Gordon S. Macklin
President

TO: All NASD Members

ATTN: Operations Principals, Cashiers, and P&S Dept.

The Securities and Exchange Commission has approved amendments to Sections 5, 9, 12 and 30 of the Uniform Practice Code. The Code prescribes the manner in which over-the-counter securities transactions other than those cleared through a registered clearing agency are compared, cleared and settled between NASD member firms. These amendments apply to all NASD members.

BACKGROUND AND EXPLANATION OF AMENDMENTS

IMPORTANT

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

COMMENTS MUST BE RECEIVED BY OCTOBER 1, 1984