Institute Submits Comment Letter on NASD Proposal Regarding Nonelectronic Public Correspondence

Washington, DC, September 24, 1998 - The Institute recently filed with the Securities and Exchange Commission a comment letter on the proposed amendments to the National Association of Securities Dealers, Inc. Rule 3010 to require NASD members to review incoming nonelectronic correspondence directed to a registered representative. The letter reasons that this provision is unnecessary to protect investors given that members already must adopt detailed, comprehensive procedures regarding review and supervision of correspondence.