Rule Filing Status As Of December 3, 1996

NASD Rule Filing Status

Use Of National Association Of Securities Dealers, Inc., Parent And Subsidiary Logos

In response to recent requests from member firms to use one of the corporate logo icons (logos) on their Web pages to indicate a link to one of the three corporate Web sites, this FYI is being issued to clarify the position of NASD Regulation, Inc. (NASD Regulation), the National Association of Securities Dealers, Inc. (NASD), and The Nasdaq Stock Market, Inc. (Nasdaq) on the use of their logos.

SEC Extends Time Period For Commenting On Proposed Changes To Rules 17a-3 And 17a-4 On January 17, 1997, the Securities and Exchange Commission (SEC) announced that it is extending, until March 31, 1997, the comment period for proposed changes to Rules 17a-3 and 17a-4. The proposed amendments clarify, modify, and expand broker/dealer recordkeeping requirements for purchase and sale memoranda, customer records, associated person records, customer complaints, and certain other documents.

Clarification Of Notice To Members 96-60

NASD Creates Two New Exams—Equity Trading And Government Securities

The NASD^® Board of Governors has approved the creation of two new qualification exams for securities industry personnel. The new exams, one for Equity Securities Traders and the other for Government Securities Representatives, join an existing battery of tests that NASD Regulation, Inc. (NASD Regulation^SM) administers to qualify registered representatives to conduct securities business.

Year 2000 Program Addresses Challenges Faced By Automated Systems

Disciplinary Action Corrections

The following corrections pertain to the August 1997 Notices to Members Disciplinary Actions section.

SEC Extends Arbitration Rules

New Customer Support Hotline Number

Those member firms that are enjoying the benefits of the National Association of Securities Dealers, Inc. (NASD^® Member Compliance Support System, Training Analysis and Planning Tool, Version 2.0 (MCSS), will soon benefit from enhanced customer service.

Please note that, as of November 3, 1997, technical questions regarding the MCSS application will be answered by the NASD Regulation, Inc., Customer Support Hotline, at (800) 321-NASD (6273).

Clarification Of Special Notice To Members 97-55

In August 1997, the National Association of Securities Dealers, Inc. (NASD^®) published Special Notice to Members 97-55 entitled "New Membership Application Rules, New Code of Procedure and Other New Disciplinary Rules," which described, among other things, the new Code of Procedure and when such Rules would apply to a disciplinary proceeding. Special Notice to Members 97-55 provided in paragraph c):