TO: All NASD Members and Other Interested Persons

Attn: Direct Participation Programs Department

The provisions of Appendix F to Article III, Section 34 of the Association's Rules of Fair Practice ("Appendix F") relating to the use of sales incentive arrangements in public offerings of direct participation programs have been amended.

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

An additional 46 securities will join the 926 trading in the NASDAQ National Market System on Tuesday, June 19, 1984. These 46 securities have met the SEC's voluntary designation criteria, which include six-month average trading volume of 100,000 shares a month and a minimum bid price of $5.

The 46 securities scheduled to join NMS on Tuesday, June 19, are:

TO: All NASD Members and NASDAQ Subscribers

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On June 7, 1984, the United States District Court for the District of Colorado appointed a SIPC Trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) provides that members may use the above procedures to close-out transactions in municipal securities.

Questions regarding the firm should be directed to:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On June 6, 1984, the United States District Court for the District of Oregon appointed a SIPC Trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSR8 Rule G-12 (h)(iv) provides that members may use the above procedures to close-out transactions in municipal securities.

Questions regarding the firm should be directed to:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Wednesday, June 4, 1984, in observance of Independence Day. "Regular Way" transactions made on the business days noted below will be subject to the following schedule.

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

TO: All NASD Members and Other Interested Persons

BACKGROUND

The securities industry, in late 1983, asked the North American Securities Administrators Association (NASAA) to review the registration delays resulting from agent transfers between broker-dealers. After extensive deliberations by the NASAA/CRD Committee and its NASD advisors, a Temporary Agent Transfer program was developed by the Committee and approved by the NASAA membership at its spring meeting on April 28, 1984.

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

With the 49 issues joining NASDAQ's National Market System on Tuesday, July 10, there will be over 1,000 issues trading under real-time trading reporting. These 49 issues meet the SEC's voluntary designation criteria.

The securities scheduled to join NMS in July are:

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