Notices

SEC Approves Amendments Relating to Annual Compliance Meetings

NASD Informs Members of Upcoming District Committee and District Nominating Committee Elections

Important Information Regarding the Suspension of Trading in the Securities of Gluv Corp.1

NASD Suggests Best Practices for Fingerprinting Procedures

NASD Reminds Broker-Dealers of Their Responsibilities Regarding Deficits in Introduced Accounts

Immediate Action May Be Required to Ensure Compliance

NASD Restructures Certain TRACE Fees for Market Data and Amends the Definition of "Non-Professional" in Connection with TRACE Market Data

NASD Requests Comment on Proposal to Prohibit All Product-Specific Sales Contests and to Apply Non-Cash Compensation Rules to Sales of All Securities Comment Period Expired August 5, 2005

SEC Approves New Interpretive Material to Rule 10308 Regarding Arbitrators Who Also Serve as Mediators

SEC Approves Amendments to IM-10104 and Rule 10315 to Permit Arbitrations in Foreign Hearing Locations

Prohibit Research Analysts from Participating in a Road Show and from Communicating with Customers in the Presence of Investment Banking Personnel or Company Management about an Investment Banking Services Transaction

Short Sales in Pilot Securities and Order-Marking Requirements under SEC Regulation SHO

SEC Approves Amendments to NASD Rule Governing Predispute Arbitration Agreements with Customers

Pilot Program to Increase Position and Exercise Limits for Equity Options and New Reverse Collar Strategy Added to Equity Option Hedge Exemptions

SEC Approves New Alternative Display Facility (ADF) Pilot Rule Giving NASD Authority to Receive and Review Complaints Alleging Denial of Access to an ADF Market Participant Quote

Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures

NASD Reminds Members that the TRACE Reporting Period Will Be Reduced to 15 Minutes on July 1, 2005, and Rescinds Interpretive Guidance Regarding Rejected TRACE Transaction Reports

NASD Requests Comment on Proposal to Require Principal Pre-Use Approval of Member Correspondence to 25 or More Existing Retail Customers within a 30-Calendar-Day Period (Comment Period Expired May 27, 2005)

NASD Recommends Best Practices for Reviewing New Products

NASD Requests Comment on Proposal to Require Pre-Use Filing of Advertisements and Sales Literature for New Types of Securities and of Television, Video and Radio Advertisements (Comment Period Expired May 20, 2005)

NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports

NASD Issues Further Guidance on the Trading Activity Fee

New Electronic Reporting Requirements for Large Options Positions Reports for Filing of Reportable Conventional Options Positions

NASD Requests Comment on Proposed Rule Requiring Members to Provide Additional Disclosures for Transactions in Debt Securities

NASD Announces Effective Date of April 4, 2005 for Amendments to Rule 1120 to Eliminate Exemptions from the Continuing Education Regulatory Element Requirements

Revisions to the Series 11 and 55 Examination Programs

NASD Issues Guidance on Section 1031 Tax-Deferred Exchanges of Real Property for Certain Tenants-in-Common Interests in Real Property Offerings

NASD Adopts New Sanction Guidelines

NASD Announces Election Results for the District Committee for District 10

NASD Announces Election Results for the District Committee for District 1

NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"

NASD Reminds Firms of April 4, 2005, Expiration Date of Grace Period to Meet NASD Research Analyst Qualification and Examination Requirements (Series 86/87)

SEC Approves Amendments to Rule 9522 Regarding Applications of Statutorily Disqualified Persons Who Will Be Engaged Solely in Clerical and/or Ministerial Activities

NASD Issues Further Guidance Regarding Members' Obligations under Section 3 of Schedule A to the NASD By-Laws

NASD Also Seeks Member Comment on Related Automation Issues; (Comment Period Expired March 30, 2005)

NASD Amends Rule Governing Time Limits for Submission of Arbitration Claims

NASD Amends Rule Governing Predispute Arbitration with Customers (The compliance date of new Rule 3110(f)(1) requirements has been extended to June 1, 2005.)

Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities

SEC Approves Amendments to Rule 2212 Concerning Frequency of Updates From the National Do-Not-Call Registry

Exemption for Delta Neutral Positions of OTC Derivatives Dealers

NASD Eliminates the TRACE Bond Transaction Data Service (BTDS) Non-Professional Real-Time Data Display Fee and the BTDS Professional Delayed-Time Data Display Fee Pilot Program

SEC Approves Amendments to NASD Rule 2830(k) to Strengthen Prohibitions on Investment Company Directed Brokerage Arrangements