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For Your Information (January)

For Your Information

National Association of Securities Dealers, Inc.

January 1989

Toll-Free Numbers for New York NASDAQ Operations Center Take Effect Soon

With the opening of business on January 9, 1989, the New York NASDAQ Operations Center may be reached via toll-free 800 service from all locations.

Effective January 9, 1989, the new numbers are:

For SOES operations information (e.g., routing, registering): (800) 635-6481

For the rest of NASDAQ: (800) 635-6485

The following numbers remain unchanged: Trade Reporting (212) 509-3618 CAE/ITS(212) 509-3615

Series 7 Test Changes in January and February; Permanent Site Change in Houston

Atlanta Test Site for January

Due to unexpected circumstances, the Atlanta Series 7 test site has been changed. Candidates planning to take the exam January 21, 1989, in Atlanta should report to:

Ramada Inn
1-85 & Shallowford Road
Atlanta, GA

Signs will be posted prominently in the lobby to direct candidates to the exam.

Memphis Test Site for January

The January 21, 1989, Series 7 exam in Memphis will be held at:

Holiday Inn
Overton Square
1837 Union Avenue
Memphis, TN

Signs will be posted prominently to direct candidates to the exam.

Permanent Site Change

Effective January 3, 1989, all Series 7 exams in Houston will be held at:

INNOVA Center
20 Greenway Center
Houston, TX 77046

INNOVA is located one block west of the Summit Sports Arena, where free parking is available.

February Series 7 Date Changes

Because of the national holiday that falls the third weekend of the month, the February Series 7 exam session will be conducted February 11, 1989. Certain exam centers were unable to adjust their schedules to accommodate this change and will administer the exam on February 18, 1989.

Centers administering tests on February 11, 1989:

Albuquerque, NM

Los Angeles, CA

Amarillo, TX

Memphis, TN

Anchorage, AK

Miami, FL

Boise, ID

New Orleans, LA

Boston, MA

New York, NY

Charlotte, NC

Orlando, FL

Chicago, IL

Philadelphia, PA

Cleveland, OH

Phoenix, AZ

Dallas, TX

Pittsburgh, PA

Dearborn, MI

Portland, OR

Denver, CO

Rochester, NY

Great Falls, MT

Salt Lake City,

Honolulu, HI

UT Seattle, WA

Houston, TX

St. Louis, MO

Kansas City,MO

Teaneck, NJ

Indianapolis, IN

Washington, DC

Lincoln, NE

 

Centers administering tests on February 18, 1989:

Atlanta, GA

Minneapolis, MN

Little Rock, AR

San Francisco, CA

For information on exams, locations, or dates, contact the Information Services Department at (301) 590-6500.

CORRECTION TO NOTICE TO MEMBERS 88-97

A line of text was inadvertently dropped from Notice to Members 88-97. The Notice is reprinted in its entirety with the missing line in italics. Please note the change below. A revised sample form also is included.

Subject: Implementation of the Form U-4 Disclosure Reporting Page (DRP) Effective Immediately

EXECUTIVE SUMMARY

A new Form U-4 attachment page, the Disclosure Reporting Page (DRP), has been developed for use by member firms to report the details of their registered representatives' disciplinary history. Effective immediately, all information provided to the Central Registration Depository (CRD) relating to Item 22 on Page 3 of Form U-4 should be submitted on a fully completed DRP.

Use of the DRP is expected to streamline the reporting, capture, and dissemination of disciplinary information.

BACKGROUND

In July 1987 the NASD and the North American Securities Administrators Association (NASAA) met to address state concerns regarding the lengthy and often complicated summaries of disciplinary information contained in the CRD data base. The disclosure of disciplinary information by associated persons through Form U-4 historically has been received in a relatively unstructured format, with submissions to CRD ranging from short, free-form summaries to hundreds of pages of documents. The NASD and NASAA sought to streamline and expedite the process of reporting and disseminating disciplinary information through the system. It was agreed that a uniform format for disclosure, which would provide more direction to the person completing the Form U-4, should be created. That format has now been developed and is incorporated into a revised attachment page to Form U-4 called the Disclosure Reporting Page (DRP).

The DRP is designed to simplify the submission of details to disciplinary questions on Form U-4 by soliciting only the pertinent facts relating to the disclosable matter. Since the DRP requires concise answers to these questions, the amount of data captured by CRD will be reduced, and disciplinary records will become more succinct and easier to understand. In addition, completion of each of these questions will significantly reduce the amount of paperwork now submitted by member firms.

FILING REQUIREMENTS

The DRP contains nine (9) questions. The first eight (8) questions request specific facts relating to the incident being disclosed and must be answered. The last question provides space for the individual to include an explanation of the disclosable matter. Completion of this question is optional, and the explanation must fit within the space provided.

A separate DRP must be submitted for each different event or proceeding that is being disclosed. Since an event or proceeding may relate to more than one question under Item 22, only one DRP need be provided, but it must reference all applicable "yes" answers on Page 3. A sample of a properly completed DRP, which provides the details of a settled customer complaint disclosed through Items 22H(1) and 22H(2) of Form U-4, is included. Please note that if the agent used in this example had been the subject of additional customer complaints that required disclosure, completion of a separate DRP would be necessary for each complaint.

Documents no longer are required to be submitted but may be attached to the DRP at the option of the member. If filed, the individual's record will indicate that they have been received, but no information will be captured from the documents. All pertinent details must be contained in the answers to the DRP questions. Jurisdictions that need copies of the documents will continue to request them from the CRD. While it is anticipated that full completion of the DRP will provide sufficient information in most cases, there may be situations where additional details are needed for a jurisdiction to complete its regulatory review. If that situation occurs, the jurisdiction will continue to notify the firm directly to request the specific information required.

Effective immediately, all future disclosures relating to Item 22 of Form U-4 should be made on the DRP. The DRP should be used for all initial, transfer, and amended disciplinary filings. In order to allow members to become familiar with this new form, and to allow for submission of information that may have already been prepared under the existing format, the CRD will accept both the DRP and existing format until February 1, 1989. Following that date, all information must be provided on the DRP.

The Form U-4 instructions relating to Item 22 have been revised to require the filing of the DRP for all "yes" answers, and the existing attachment page has been revised to limit its use to the continuation of Form U-4 Items 18, 19, and 20. Firms may continue to use the existing attachment page provided they limit its use to Items 18, 19, and 20 of Form U-4. Copies of the DRP and the revised attachment page are included with this Notice for your firm's use. Please feel free to make copies of these forms.

Questions concerning this notice may be directed to Ellen J. Badler, Assistant Director, Special Registration Review at (301) 590-6743. For copies of the DRP and/or Form U-4, please call NASD Information Services at (301) 590-6500.

Form U-4

Annual Check List of NASD Notices to Members

The following NASD Notices to Members were issued during 1988. Requests for copies of notices should be accompanied by a self-addressed mailing label and sent to: NASD Administrative Services 1735 K Street, NW, Washington, DC 20006-1506

Notice

Date

Topic

88-1

01/04

Proposed Amendments to NASD By-Laws and Rules of Fair Practice, and Proposed New Government Securities Rules

88-2

01/05

Martin Luther King, Jr., Day: Trade Date-Settlement Date Schedule

88-3

01/07

Amendment to Section 64 of the NASD Uniform Practice Code Re: Acceptance and Settlement of COD Orders, Effective February 11, 1988

88-4

01/14

NASDAQ National Market System Additions as of January 19, 1988

88-5

01/14

Request for Comments on Proposed NASD Rule of Fair Practice Re: Outside Business Activities

88-6

01/15

SEC Approves NASD New Order Confirmation Transaction (OCT) Service

88-7

01/15

Year-End Check List of NASD Notices to Members

88-8

01/20

Request for Comments on Proposed New Section 3 to Article VII and an Amendment to Article XI, Section 4 of the NASD By-Laws

88-9

01/28

NASDAQ National Market System Additions as of February 2, 1988

88-10

02/01

Relocation of NASD New York Offices

88-11

02/08

Proposed Amendments to Article III, Section 27 of the NASD Rules of Fair Practice Re: Supervision and the Definitions of "Office of Supervisory Jurisdiction" and "Branch Office"

88-12

02/08

Presidents' Day: Trade Date-Settlement Date Schedule

88-13

02/10

NASDAQ National Market System Additions as of February 16, 1988

88-14

02/10

Additional Arbitration Filing Fee and Advertising Service Charge

88-15

02/24

Amendment to Schedule A to the NASD By-Laws Re: Increased Application Fee for Member Firms With Statutorily Disqualified Individuals

88-16

02/24

NASDAQ National Market System Additions as of March 1, 1988

88-17

03/01

Request for Comments on Proposed Amendments to NASD Rules of Fair Practice to Prohibit Non-Cash Compensation in Connection with Sales of Investment Company and Variable Contract Products

88-18

03/04

Extension of Comment Period: Proposed Amendments to Article III, Section 27 of the NASD Rules of Fair Practice Re: Supervision and the Definitions of "Office of Supervisory Jurisdiction" and "Branch Office"

88-19

03/10

Proposed Amendment to Article VII of the NASD By-Laws Authorizing Mandatory Reporting of Trade Information

88-20

03/14

Request for Comments on Proposed Amendment to Article III, Section 35 of the NASD Rules of Fair Practice Relating to Advertising and Sales Literature For Investment Company Securities

88-21

03/14

Good Friday: Trade Date-Settlement Date Schedule

88-22

03/11

NASDAQ National Market System Additions as of March 15, 1988

88-23

03/23

SIPC Trustee Appointed for Windsor Equity Corporation

88-24

03/30

Registration of Persons Soliciting on Behalf of Members

88-25

03/30

NASDAQ National Market System Additions as of April 5, 1988

88-26

04/12

Request for Comments on Proposed Amendments to Appendix A to Article III, Section 30 of the NASD Rules of Fair Practice

88-27

04/13

NASDAQ National Market System Additions as of April 19, 1988

88-28

04/15

Quarterly Check List of NASD Notices to Members

88-29

04/28

Proposed New Section 3 to Article VII and Amendment to Article XI, Section 4 of the NASD By-Laws Re: Emergency Authority of the NASD Board of Governors

88-30

04/28

NASDAQ National Market System Additions as of May 3, 1988

88-31

05/04

Proposed Amendments to Article V, Section 1 of the NASD Rules of Fair Practice and Section 12(2) of the Proposed Government Securities Rules Re: Removal of Fine Limitations

88-32

05/10

Amendment to the NASD Board of Governors' Corporate Financing Interpretation Re: Public Offerings When Proceeds Are Directed to NASD Members

88-33

05/12

Adoption of Amendments to Schedule E to the NASD By-Laws, Effective Immediately

88-34

05/12

Adoption of New Section 67 of the NASD Uniform Practice Code Re: Delayed Closings, Effective June 12, 1988

88-35

05/12

NASDAQ National Market System Additions as of May 17, 1988

88-36

05/19

Memorial Day Trade Date-Settlement Date Schedule

88-37

05/26

SIPC Trustee Appointed: Omni Mutual, Inc.

88-38

05/31

SEC Approves New Category of Limited Representative Registration Corporate Securities Examinations (Series 62); Study Outline Available

88-39

06/01

NASDAQ National Market System Additions as of June 7, 1988

88-40

06/01

Adoption of New Schedule H to the NASD By-Laws and Proposed Amendment to Article III, Section 21 of the NASD Rules of Fair Practice

88-41

06/07

Independence Day Trade Date-Settlement Date Schedule

88-42

06/17

NASDAQ National Market System Additions as of June 21, 1988

88-43

06/22

Adoption of Amendments to the Rules of Fair Practice and Procedures For the NASD Small Order Execution System and to Schedule D to the NASD By-Laws, Effective June 30, 1988

88-44

07/01

Mail Vote on Rule Amendments: Supervision and Definitions of "Branch Office" and "Office of Supervisory Jurisdiction"

88-45

07/01

Mail Vote on Proposed Rule Re: Outside Business Activity

88-46

07/01

Rule Amendments to Authorize Trading Halts in NASDAQ Securities

88-47

07/01

Request for Comments Re: Prompt Receipt and Delivery of Securities

88-48

07/01

Request for Comments on Amendment Re: Filling Vacancies on District Committees

88-49

07/01

Request for Comments on Proposed Prohibition of Concurrent Registration

88-50

07/01

Guidelines for Registration of Persons Soliciting on Behalf of Members

88-51

07/01

Registration of Foreign Branch Offices by August 1, 1988

88-52

07/01

Rule Amendment Re: Testimonial Advertisements

88-53

07/01

SIPC Trustee Appointed for Fitzgerald, DeArman & Roberts

88-54

07/01

(Supplement 1) Implementation of Reporting Requirements for Non-NASDAQ OTC Securities

88-55

08/01

Amendments Adopted Re: Sharing in Customer Accounts

88-56

08/01

Revisions to Form BD; State Pilot for Broker-Dealer Phase of CRD

88-57

08/01

NASDAQ National Market System Additions, Changes, and Deletions as of July 22, 1988

88-58

08/01

September First-Saturday Exam Session Date Changes

88-59

08/01

Schedule for Labor Day Trade Date-Settlement Date

88-60

08/01

Second-Quarter 1988 Notices to Members Check List

88-61

08/25

(Supplement) Interpretation of SOES Rules Re: Maximum Order-Size Restrictions

88-62

09/01

SEC Adopts Rule 10b-21 Prohibiting Short Selling into Secondaries

88-63

09/01

SEC Approves Rule: Issuing Companies Must Notify NASD Re: Material News Before Public Release

88-64

09/01

Mail Vote on Proposed Amendment Re: Advertising and Sales Literature for Investment Company Securities

88-65

09/01

Request for Comment: Proposed Amendment Re: Use and Disclosure of Member Names

88-66

09/01

Test Center Location Change for September Houston Series 7 Exam

88-67

09/01

Obligation to Provide Accurate Information on Forms U-4 and U-5 and Research Potential Employees' Backgrounds

88-68

09/01

Request for Comment: Providing Terminated Employees with Form U-5 and Obtaining Prior Form U-5 for Potential Employees

88-69

09/01

Procedures to Document Excused Withdrawal Under Schedule D of By-Laws

88-70

09/01

Schedule for Columbus Day Trade Date-Settlement Date

88-71

09/01

NASDAQ National Market System Additions, Changes, and Deletions as of August 19, 1988

88-72

10/01

Mail Vote on Proposed Change in Definition of "Bona Fide Research"

88-73

10/01

UPC Amendment Requires Syndicate Managers to Provide Itemized Expense Statements to Members of Underwriting Syndicates

88-74

10/01

Amendments to Code of Procedure Re: Composition of Panels for DBCC and Market Surveillance Hearings

88-75

10/01

Amendment Eliminating the Fine Ceilings in Disciplinary Proceedings

88-76

10/01

Houston Test Center Change for October 15 Series 7 Examination

88-77

10/01

SIPC Trustee Appointed for Fair-weather (George R.) Securities, Inc.

88-78

10/01

New Telephone Number for NASD's Rockville, MD Office Effective October 14, 1988

88-79

10/01

NASDAQ National Market System Additions, Changes, and Deletions as of September 16, 1988

88-80

10/01

Third-Quarter 1988 Check List of NASD Notices to Members

88-81

10/01

NASD Raises Corporate Filing Fees, Effective October 1, 1988

88-81A

11/01

Broker-Dealer and Agent Renewals for 1988-89

88-82

11/01

Holiday Trade Date-Settlement Date Schedules

88-83

11/01

Amendment Re: Marking Customer Order Tickets

88-84

11/01

Approval of the Rules Re: Supervisory Practices

88-85

11/01

SEC Approval Re: Handling Customers' Limit Orders

88-86

11/01

Approval of Rules Re: Outside Business Activities

88-87

11/01

Request for Comments: Predispute Arbitration Clauses

88-88

11/01

Amendment Re: Prohibition on Non-Cash Sales Incentives in Public Offerings

88-89

11/01

Amendment to NASD By-LawsRe: Definition of Qualified Independent Underwriter

88-90

11/01

Request for Comments: Training, Qualification, and Registration

88-91

11/01

Request for Comments: Customer Account Information

88-92

11/01

Request for Comments: Corporate Financing Rule

88-93

11/01

Amendment to Free-Riding Interpretation

88-94

12/01

NASDAQ/NMS Additions and Deletions

88-95

12/01

SEC Approval of Amendment to NASD Rules of Fair Practice Re: Prompt Payment to Investment Companies

88-96

12/01

SEC Approval of Amendments and New Government Securities Rules

88-97

12/01

Implementation of the Form U-4 Disclosure Reporting Page (DRP)

88-98

12/01

Request for Comments: Proposed Amendment to Schedule E Re: Exemption From the Pricing Requirements for Shelf Offerings to Institutional Investors

88-99

12/01

Christmas Day, New Year's Day, Martin Luther King, Jr. Day: Trade Date-Settlement Date Schedule

88-100

12/01

Mergers by Members With Blind-Pool Companies

88-101

12/01

Clarification of NASD Filing Requirements and Review Procedures for Offerings Made Pursuant to SEC Rule 415

88-102

12/01

Additions to NASDAQ National Market System as of November 21, 1988

88-103

12/19

(Supplement) Adoption of Rule Amendments — Effective Immediately — to Prohibit Professional Trading in SOES

88-104

12/30

(Supplement) Adoption of Rule Amendments Mandating the Automated Submission of Trading Data — Effective February 12, 1989


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