98-29970. Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the National Association of Securities Dealers, Inc. Relating to Bond Mutual Fund Volatility Ratings  

  • [Federal Register Volume 63, Number 216 (Monday, November 9, 1998)]
    [Notices]
    [Pages 60431-60435]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 98-29970]
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    
    [Release No. 34-40627; File No. SR-NASD-97-89, Amendment No. 1]
    
    
    Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
    Change by the National Association of Securities Dealers, Inc. Relating 
    to Bond Mutual Fund Volatility Ratings
    
    November 2, 1998.
        Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
    (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
    on December 12, 1997, the National Association of Securities Dealers, 
    Inc. (``NASD'' or ``Association'') through its wholly-owned subsidiary, 
    the NASD Regulation, Inc. (``NASD Regulation'' or ``NASDR'') filed with 
    the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
    proposed rule change as described in Items I, II, and III below, which 
    Items have been prepared by NASD Regulation. On October 5, 1998, NASDR 
    filed Amendment No. 1 which replaces and supersedes the initial 
    proposal.\3\ The Commission is publishing this notice to solicit 
    comments on the proposed rule change, as contained in Amendment No. 1, 
    from interested persons.
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        \1\ 15 U.S.C. 78s(b)(1).
        \2\ 17 CFR 240.19b-4.
        \3\ On December 12, 1997, the NASDR submitted its initial 
    proposal which could have limited the effectiveness of the 
    disclosure statement and prevented sales literature from containing 
    relevant explanatory information concerning bond mutual fund 
    volatility ratings. After discussions between NASDR and the 
    Commission, the NASDR filed Amendment No. 1 on October 5, 1998. The 
    revised proposal will: (1) permit ratings to be provided by non-
    NRSROs; (2) permit funds to provide additional information in the 
    disclosure statement if the information would help investors 
    understand the rating; (3) permit funds to combine information about 
    different ratings when the information is the same for each rating; 
    (4) clarify the prohibition against using ratings that are based on 
    subjective factors; and (5) require the use of the most recently 
    issued rating.
    
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    [[Page 60432]]
    
    I. Self-Regulatory Organizations Statement of the Terms of 
    Substance of the Proposed Rule Change
    
        NASD Regulation is proposing rules that add a new interpretation to 
    Rule 2210 of the Conduct Rules of the NASD to permit the use by members 
    and associated persons of bond mutual fund volatility ratings in 
    supplemental sales literature on an interim 18 month pilot basis. 
    Proposed new language is in italics.
    
    IM-    . Requirements for the Use of Bond Mutual Fund Volatility 
    Ratings
    
    (This rule will expire on [18 months from approval], unless extended or 
    permanently approved by the Association at or before such date)
    
    (a) Definition of Bond Mutual Fund Volatility Ratings
    
        For purposes of this Rule and any interpretation thereof, the term 
    ``bond mutual fund volatility rating'' is a description issued by an 
    independent third party relating to the sensitivity of the net asset 
    value of a bond mutual fund portfolio to changes in market conditions 
    and the general economy, and is based on an evaluation of objective 
    factors, including the credit quality of the fund's individual 
    portfolio holdings, the market price volatility of the portfolio, the 
    fund's performance, and specific risks, such as interest rate risk, 
    prepayment risk, and currency risk.
    
    (b) Prohibitions on Use
    
        Members and persons associated with a member may use a bond mutual 
    fund volatility rating only in supplemental sales literature and only 
    when the following requirements are satisfied:
        (1) The rating does not identify or describe volatility by use of a 
    single symbol, number or letter, and the rating is not described as a 
    ``risk'' rating.
        (2) The supplemental sales literature incorporates the most 
    recently available rating and reflects information that, at a minimum, 
    is current to the most recently completed calendar quarter ended prior 
    to use.
        (3) The criteria and methodology used to determine the rating must 
    be based exclusively on objective, quantifiable factors. Any other 
    factors, such as an analysis of investment philosophy or quality of the 
    fund's management, may be considered solely for purposes of determining 
    whether to issue the rating. The rating and the Disclosure Statement 
    that accompanies the rating must be clear, concise, and understandable.
        (4) The supplemental sales literature conforms to the disclosure 
    requirements described in paragraph (c).
        (5) The entity that issued the rating provides detailed disclosure 
    on its rating methodology to investors through a toll-free telephone 
    number, a web site, or both.
    
    (c) Disclosure Requirements
    
        (1) Supplemental sales literature containing a bond mutual fund 
    volatility rating shall include a Disclosure Statement containing all 
    the information required by this Rule. The Disclosure Statement may 
    also contain any additional information that is relevant to an 
    investor's understanding of the rating.
        (2) Supplemental sales literature containing a bond mutual fund 
    volatility rating shall contain all current bond mutual fund volatility 
    ratings that have been issued with respect to the fund. Information 
    concerning multiple ratings may be combined in the Disclosure 
    Statement, provided that the applicability of the information to each 
    rating is clear.
        (3) All bond mutual fund volatility ratings shall be contained 
    within the text of the Disclosure Statement. The following disclosures 
    shall be provided with respect to each such rating:
        (A) the name of the entity that issued the rating;
        (B) the most current rating and date of the current rating, with an 
    explanation of the reason for any change in the current rating from the 
    most recent prior rating;
        (C) a description of the rating in narrative form, containing the 
    following disclosures:
        (i) a statement that there is no standard method for assigning 
    ratings;
        (ii) a description of the criteria and methodologies used to 
    determine the rating;
        (iii) a statement that not all bond funds have volatility ratings;
        (iv) whether consideration was paid in connection with obtaining 
    the issuance of the rating;
        (v) a description of the types of risks the rating measures (e.g., 
    short-term volatility);
        (vi) a statement that the portfolio may have changed since the date 
    of the rating; and
        (vii) a statement that there is no guarantee that the fund will 
    continue to have the same rating or perform in the future as rated.
    * * * * *
    2200. Communications With Customers and the Public
    2210. Communications With the Public
    * * * * *
    (c) Filing Requirements and Review Procedures
    * * * * *
        (3) Sales literature concerning bond mutual funds that include or 
    incorporate bond mutual fund volatility ratings, as defined in Rule IM-
    __, shall be filed with the Department for review at least 10 days 
    prior to use (or such shorter period as the Department may allow in 
    particular circumstances) for approval and, if changed by the 
    Association, shall be withheld from publication or circulation until 
    any changes specified by the Association have been made or, if 
    expressly disapproved, until the sales literature has been refiled for, 
    and has received, Association approval. Members are not required to 
    file advertising and sales literature which have previously been filed 
    and which are used without change. The member must provide with each 
    filing the actual or anticipated date of first use. Any member filing 
    sales literature pursuant to this paragraph shall provide any 
    supplemental information requested by the Department pertaining to the 
    rating that is possessed by the member.\4\
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        \4\ NASDR proposes to add this language to the existing test of 
    Rule 2210(c). The existing sections of this rule will remain 
    unchanged and will be renumbered, beginning with Rule 2210(c)(3)(A). 
    Telephone conversation between Robert J. Smith, Office of General 
    Counsel, NASD Regulation, Inc., and Mignon McLemore, Division of 
    Market Regulation, Commission, on October 30, 1998.
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    * * * * *
    
    II. Self-Regulatory Organization's Statement of the Purpose of, and 
    Statutory Basis for, the Proposed Rule Change
    
        In its filing with the Commission, NASDR included statements 
    concerning the purpose of and basis for the proposed rule change and 
    discussed any comments it received on the proposed rule change. The 
    text of these statements may be examined at the places specified in 
    Item IV below. NASDR has prepared summaries, set forth in Sections A, 
    B, and C below, of the most significant aspects of such statements.
    
    A. Regulatory Organization's Statement of the Purpose of, and Statutory 
    Basis for, the Proposed Rule Change
    
    Background
        Bond mutual fund volatility ratings are descriptions of the 
    sensitivity of bond mutual fund portfolios to changing market 
    conditions. The rating agencies and information vendors that issue such 
    ratings are not NASD member firms, and mutual fund groups that purchase 
    the ratings use them for promotional and
    
    [[Page 60433]]
    
    marketing purposes. NASD rules do not apply to the use and 
    dissemination of bond mutual fund volatility ratings by non-members.
        Currently, NASD Regulation interprets its rules to prohibit the use 
    by members and associated persons of bond mutual volatility ratings in 
    supplemental sales literature. The prohibition is based on the analysis 
    that judgments of how a bond mutual fund may react to changes in 
    various market conditions may be predictive of fund performance or 
    misleading and, therefore, prohibited for use by members and associated 
    persons in sales literature.\5\
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        \5\ NASD Conduct Rule 2210 prohibits the use by members and 
    associated persons of information that is misleading, that contains 
    exaggerated, unwarranted or misleading statements or claims, or that 
    predicts or projects investment results.
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        In Notice to Members 96-84 (December 1996) (``NTM 96-84''), NASD 
    Regulation requested comment on the appropriations of its current 
    prohibition. A majority of the commenters supported making the ratings 
    available, and all of the commenters representing investor groups 
    supported the goal of making accurate information regarding risk and 
    volatility characteristics of bond funds available to investors.
        On April 30, 1997, the Legal Advisory Board of the NASD (``LAB'') 
    reviewed and discussed bond fund volatility ratings. NASD Regulation 
    staff proposed to the LAB that an alternative to the current 
    prohibition would be permitting the use of bond fund volatility ratings 
    subject to appropriate guidelines. After extended discussion, the LAB 
    favored allowing volatility ratings to be used subject to guidelines 
    containing sufficient prohibitions and disclosure requirements.
        At its September 1997 Board meeting, NASD Regulation considered 
    issues regarding bond mutual fund volatility ratings and adopted 
    resolutions: (i) Affirming that investors can benefit from the 
    availability of such information, (ii) directing the staff to draft 
    bond fund volatility rating regulatory proposals to best serve the 
    public interest and address the differences among interested parties, 
    for presentation at the November Board meeting, and (iii) appointing 
    Directors Theodore A. Levine and A.A. Sommer, Jr. (``Subcommittee'') to 
    assist the staff in this effort. After the September Board meeting, 
    NASD Regulation staff and the Subcommittee met and worked to reach a 
    solution that was sensitive to and reflective of the concerns and 
    differences of all interested parties.
        At its November 1997 Board meeting, NASD Regulation approved: (i) A 
    modification to NASD Regulation's current prohibition on the use of 
    bond mutual fund volatility ratings in supplemental sales literature to 
    permit such use by members and associated persons according to proposed 
    rules designed to prevent such ratings from being misleading, 
    predictive, or otherwise inappropriate, and (ii) the submission of the 
    proposed rules to the SEC for approval.
        At its December 1997 Board meeting, the NASD ratified the NASD 
    Regulation Board's approval of the proposed rules, without change, and 
    their submission to the SEC for approval.
        At its August 1998 Board Meeting, NASD Regulation approved 
    amendments to the proposed rule change as originally filed with the 
    SEC, and the submission of the amendments to the SEC for approval. The 
    amendments, incorporated in this submission: (i) Delete the requirement 
    that ratings be issued exclusively by nationally recognized statistical 
    rating organizations; (ii) add the requirement that the rating and the 
    Disclosure Statement be clear, concise, and understandable; (iii) 
    permit the Disclosure Statement to contain any additional information 
    that is relevant to an investor's understanding of the rating; (iv) 
    permit repetitive information in multiple ratings for the same fund to 
    be combined in the Disclosure Statement, provided the applicability of 
    the information to each rating is clear; and (v) delete the requirement 
    to use a ``Required Disclosure Statement.''
    Description
        Trial Period. The proposed rule change would permit, on an 18-month 
    pilot basis, the use of the ratings in conformance to rules that 
    prohibit the use of ratings unless certain requirements and disclosures 
    are met. After the 18-month trial term, the rules would be evaluated to 
    determine their efficacy in ensuring that comprehensible and useful 
    information is provided to investors, and in preventing the 
    dissemination of inappropriate or misleading information by members and 
    associated persons. After the evaluation, the staff will consider all 
    options, including prohibiting the use of ratings, permitting their use 
    or permitting their use with modifications to the rule.
        Definition of Bond Mutual Fund Volatility Rating. Paragraph (a) of 
    the proposed rule change defines the term ``bond mutual fund volatility 
    rating'' to mean, in part, a description issued by an independent third 
    party relating to the sensitivity of a bond mutual fund's net asset 
    value to changes in market conditions and the general economy, based on 
    an evaluation of objective factors regarding the fund's current 
    characteristics and its past performance. The definition recognizes 
    that the rating is an opinion of a fund's potential share price 
    movement in response to various economic conditions or market 
    situations, and not a prediction of the actual movement of a fund's 
    share price. The definition applies only to bond mutual fund volatility 
    ratings provided by an independent third party. However, NASD 
    Regulation understands that many mutual fund complexes currently 
    provide various descriptions of risk and volatility for their own 
    funds. These descriptions may involve some of the same processes and 
    considerations that are used by independent rating agencies. NASD 
    Regulation specifically solicits comment on whether such descriptions 
    are similar in derivation and purpose to ratings that are issued by 
    independent agencies, and whether their use in supplemental sales 
    literature by members and their associated persons should also be 
    subject to the provisions of the proposed rule change.
        Prohibitions. Subparagraph (b) of the proposed rule change permits 
    members and associated persons to use a bond mutual fund volatility 
    rating only in supplemental sale literature and only when certain 
    requirements are satisfied.
        Subparagraph (b)(1) of the proposed rule change prohibits the use 
    of a bond mutual fund volatility rating that identifies or describes 
    volatility by use of a single symbol, number or letter. At the same 
    time, the proposed rules refrain from imposing a specific standard on 
    descriptions or calculations in recognition of the fact that there is 
    no specified or uniform range of information used by all rating 
    entities, and that rating entities should be free to develop completing 
    methods and models of assessing volatility. Subparagraph (b)(1) also 
    prohibits the use of a bond mutual fund volatility rating that uses the 
    word ``risk'' to describe the rating. Because the word ``risk'' is 
    capable of multiple meanings and interpretations, NASD Regulation 
    believes that it is more accurate to refer to such ratings as 
    ``volatility'' rather than ``risk'' ratings.
        Subparagraph (b)(2) of the proposed rule change prohibits the use 
    of a bond mutual fund volatility rating that does not incorporate the 
    most recently available rating and is not current to the most recent 
    calendar quarter ended prior to use. This prohibition is intended to 
    ensure that stale or dated
    
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    ratings are not provided to investors and reflects a common denominator 
    time frame that can be used by rating entities currently to update 
    their ratings.
        Subparagraph (b)(3) of the proposed rule change prohibits the use 
    of a bond mutual fund volatility rating that is not based exclusively 
    on objective, quantifiable factors. Non-quantifiable, subjective 
    factors, such as an analysis of investment philosophy and quality of 
    the fund's management \6\ could be considered solely for purposes of 
    determining whether to issue the rating. Eliminating subjectivity from 
    the volatility calculation reduces the potential variability of 
    ratings, and thus helps eliminate the ability of funds to ``shop 
    around'' for the most favorable rating.
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        \6\ Volatility or risk rating analysis has been described as 
    being comprised of three elements: (i) an analysis of the effective 
    duration of the fund's current portfolio--i.e., the sensitivity of 
    the current portfolio to interest rate changes, (ii) a comparison of 
    the historical risk profile of the bond fund with the risk of its 
    current portfolio, and (iii) an assessment of the fund manager's 
    policies and management style, including whether management has 
    established policies and systems that comport with stated objectives 
    for the fund, including levels of risk.
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        Subparagraph (b)(3) of the proposed rule change also requires that 
    the rating and the Disclosure Statement that accompanies it be clear, 
    concise, and understandable. This addresses the need to deliver the 
    rating information in a way that is accessible and informative.
        Subparagraph (b)(4) of the proposed rule change prohibits the use 
    of bond mutual fund volatility rating unless the supplemental sales 
    literature containing the rating conforms to the disclosure 
    requirements.
        Subparagraph (b)(5) of the proposed rule change prohibits the use 
    of a bond mutual fund volatility rating unless the entity that issued 
    the ratings provides detailed disclosure on its rating methodology to 
    investors through a toll-free telephone number, a web site, or both. 
    NASD Regulation believes that access to such supplemental information 
    will enable investors to obtain answers to question regarding the 
    meaning of the rating or how it is calculated or derived.
        Disclosure Requirements. Paragraph (c) of the proposed rule change 
    requires that certain disclosures accompany any bond mutual fund 
    volatility rating used in supplemental sales literature by members or 
    associated persons of members.
        Subparagraph (c)(1) requires that supplemental sales literature 
    containing a bond mutual fund volatility rating include a Disclosure 
    Statement containing all the information required by the rule, but also 
    permits the Disclosure Statement to contain any additional information 
    that is relevant to an investor's understanding of the rating. 
    Permitting the Disclosure Statement to contain additional relevant 
    information could help explain the meaning of the rating. In 
    particular, supplemental sales literature that contains multiple 
    ratings could benefit from additional information that could 
    distinguish and clarify different methodologies and measurements of 
    volatility.
        Subparagraph (c)(2) requires that supplemental sales literature 
    containing a bond fund volatility rating contain all other current 
    volatility ratings that have been issued with respect to the same fund. 
    Subparagraph (c)(2), however, permits information concerning multiple 
    ratings to be combined in the Disclosure Statement, provided that the 
    applicability of the information to each rating is clear. This serves 
    the purpose of avoiding redundant and potentially confusing 
    information, and reduces the possibility that the rating could be 
    buried or hidden in excess information.
        Subparagraph (c)(3) requires that all bond mutual fund volatility 
    ratings be contained within the text of the Disclosure Statement. NASD 
    Regulation believes it is important that the rating not be located 
    separately from the Disclosure Statement to avoid the danger that 
    either could be read separately, or not at all, which would increase 
    the possibility that the rating would not be understood in the context 
    of the required disclosures.
        Subparagraphs (c)(3)(A)-(B) of the proposed rule change require 
    that supplemental sales literature containing a bond mutual fund 
    volatility rating disclose the name of the rating entity, the most 
    current rating accompanied by the date of the rating and, if there is 
    any change in the current rating from the most recent prior rating, an 
    explanation of the change. NASD Regulation believes it is important for 
    investors to see how a fund's rating may have changed and understand 
    the reasons for the change.
        Subparagraph (c)(3)(C) of the proposed rule change requires that 
    supplemental sales literature containing a bond mutual fund volatility 
    rating describe the rating in narrative form. Under subparagraphs 
    (c)(3)(C)(i)-(vii), the narrative description must also include: (i) a 
    statement that there is no standard method for assigning ratings; (ii) 
    a description of the criteria and methodologies used to determine the 
    rating; (iii) a statement that not all bond funds have volatility 
    ratings; (iv) whether consideration was paid in connection with 
    obtaining the issuance of the rating; (v) a description of the types of 
    risks the rating measures, such as short-term volatility, for example; 
    (vi) a statement that there is no guarantee that the fund will continue 
    to have the same rating or perform in the future as rated.
        The disclosures required by subparagraphs (c)(3)(C)(i)-(vii) help 
    inform investors of certain potential limitations of a rating (i.e., 
    that a rating may have been paid for, may measure only a certain type 
    of risk or volatility, may not reflect a comparison with all funds of a 
    given class or peer group, and may not be current).
        NASDR intends to include in the NTM that will accompany publication 
    of the final rule the following Disclosure Statement as a sample to 
    assist members in drafting Disclosure Statements that comply with the 
    requirements of the rule:
    
        The volatility rating for this fund issued by [XYZ rating 
    entity] (``XYZ'') is [insert narrative rating]. The rating seeks to 
    measure [description of what risks the rating measures, e.g., ``how 
    the value of the fund's current portfolio might respond to changing 
    market conditions'']. XYZ arrived at his rating in the following 
    way: [insert description of methodology]. There is no standard 
    method for determining volatility ratings. The rating is current as 
    of [date]. The fund's portfolio may have changed since this date and 
    there is no guarantee that the fund will continue to have the same 
    rating or perform in the future as rated. Not all bond mutual funds 
    have volatility ratings and those that do may have paid for them. 
    The fund [paid for][did not pay for] the volatility rating issued by 
    XYZ. The fact that a fund has a rating is not an indication that it 
    is more or less risky or volatile than a fund that does not. If you 
    would like more specific information on the rating or the 
    methodology used to determine the rating, call XYZ at 1-800-000-000 
    or visit XYZ's web site address at www.[address].
    
        Filing Requirement. The proposed rule change amends NASD Rule 2210 
    regarding communications with the public by adding new subparagraph 
    (c)(3) to require sales literature containing bond mutual fund 
    volatility ratings to be filed with the Advertising Regulation 
    Department for review and approval at least 10 days prior to use. 
    Members would not be required to file advertising and sales literature 
    which had previously been filed and approved, and used without change. 
    Members filing sales literature containing bond mutual fund sales 
    literature also must provide any supplemental information requested by 
    the Department pertaining to the rating that is possessed by the 
    member.
        NASD Regulation believes that the proposed rule change is 
    consistent with
    
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    the provisions of Section 15A(b)(6) \7\ of the Act, which require that 
    the Association adopt and amend its rules to promote just and equitable 
    principles of trade, and generally provide for the protection of 
    investors and the public interest. The proposed rule change, by 
    imposing certain prohibitions, disclosure and filing requirements, is 
    designed to permit members and associated persons of a member to 
    disseminate bond mutual fund volatility ratings in supplemental sales 
    literature according to standards designed to prevent such ratings from 
    being misleading, predictive, or otherwise inappropriate.
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        \7\ 15 U.S.C. 78o-3(b)(6).
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    B. Self-Regulatory Organization's Statement on Burden on Competition
    
        NASD Regulation does not believe that the proposed rule change will 
    result in any burden on competition that is not necessary or 
    appropriate in furtherance of the purposes of the Act.
    
    C. Self-Regulatory Organization's Statement on Comments on the Proposed 
    Rule Change Received From Members, Participants, or Others
    
        Written comments were neither solicited nor received. However, NTM 
    96-84 requested comment on the appropriateness of the NASDR's current 
    prohibition on the use by members and persons associated with a member 
    of bond mutual fund volatility ratings in supplemental sales 
    literature. A copy of NTM 96-84 and a summary of the comments received 
    in response to NTM 96-84 are available for inspection and copying in 
    the Commission's Public Reference Room.
    
    III. Date of Effectiveness of the Proposed Rule Change and Timing 
    for Commission Action
    
        Within 35 days of the date of publication of this notice in the 
    Federal Register or within such longer period (i) as the Commission may 
    designate up to 90 days of such date if it finds such longer period to 
    be appropriate and publishes its reasons for so finding or (ii) as to 
    which the self-regulatory organization consents, the Commission will:
        A. By order approve such proposed rule change, or
        B. Institute proceedings to determine whether the proposed rule 
    change should be disapproved.
    
    IV. Solicitation of Comments
    
        Interested persons are invited to submit written data, views, and 
    arguments concerning the foregoing, including whether the proposal is 
    consistent with the Act. Persons making written submissions should file 
    six copies thereof with the Secretary, Securities and Exchange 
    Commission, 450 Fifth Street, NW, Washington, D.C. 20549. Copies of the 
    submission, all subsequent amendments, all written statements with 
    respect to the proposed rule change that are filed with the Commission, 
    and all written communications relating to the proposed rule change 
    between the Commission and any person, other than those that may be 
    withheld from the public in accordance with the provisions of 5 U.S.C. 
    552, will be available for inspection and copying in the Commission's 
    Public Reference Room. Copies of such filing will also be available for 
    inspection and copying at the principal office of the NASD. All 
    submissions should refer to the file number in the caption above and 
    should be submitted by November 30, 1998.
    
        For the Commission, by the Division of Market Regulation, 
    pursuant to delegated authority.\8\
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        \8\ 17 CFR 200.30-3(a)(12).
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    Jonathan G. Katz,
    Secretary.
    [FR Doc. 98-29970 Filed 11-6-98; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
11/09/1998
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
98-29970
Pages:
60431-60435 (5 pages)
Docket Numbers:
Release No. 34-40627, File No. SR-NASD-97-89, Amendment No. 1
PDF File:
98-29970.pdf