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[UPDATE Sept.9th]: Four retailers in the Netherlands are now accepting pre-orders for the new Samsung Galaxy Note 4 and the price ranges between €795 and €799, or a little over $1K in the U.S. It surely is a premium phone with a premium price. But will you spend that much just to own a phone like this?
Original post: Samsung officially announced the fourth generation of its popular Note line of devices at the IFA 2014 event in Berlin on September 3rd. The Samsung Galaxy Note 4 has been rumored for months following leaks of its specifications, design, and features. Needless to say, there was quite a build up in excitement and anticipation especially for people planning to upgrade from earlier versions.
Aside from its flagships, Samsung's production of Note devices has been a success since the release of the first Galaxy Note. The breakaway in design, hardware and features happened last year when the company revealed Note 3. The device reached the 10 million sales mark in just 60 days. But will the Galaxy Note 4 be a worthy successor? Well, let's take a look…
This isn't a game changer. In fact, the Note 4 looks almost exactly the same as the previous version except that it has a metal strip running along the side of the phone that matches its color.
The company also retained the faux leather removable back cover, which helps improve grip. Its official dimensions are 153.5 x 78.6 x 8.5 mm while Note 3's are 151.2 x 79.2 x 8.3 mm. Needless to say, it's longer, narrower and thicker.
All camera features of its predecessor were retained like HDR, Dual Shot, face and smile detection, simultaneous HD video and image recording, image stabilization, geo-tagging, panorama, and touch focus.
It is apparent, though, that the only way Samsung could improve this aspect is to give the new device more megapixels. Thus, the Note 4 enjoys a slightly higher 16 MP primary and 3.7 MP secondary cameras. Note 3 only has 16 MP and 2 MP.
Storage and Memory
The new Samsung Galaxy Note 4 will come packed with 3GB RAM, which is more than enough to complement a powerful processor. But such is a preparation for Android L that supports 64-bit architecture.
It will also have 32GB internal storage and a microSD card slot that can support up to 64GB card. It is yet to be determined if the company will release at a later time variants with higher storage capacity.
Placing the Note 4 side-by-side Note 3 would reveal the noticeable difference in the sharpness of picture despite the fact that both use the company's Super AMOLED technology. Apparently, Samsung doesn't want its new Note to go outside the 5.7-inch screen size barrier, at least, for now.
With 1440 x 2560 pixels (QHD) resolution stretched over the 5.7-inch screen, the Note 4 has approximately 551 pixel density compared to Note 3's 386 ppi with 1080 x 1920 pixels resolution.
The new device will also come in two variants; one bearing Samsung's Exynos 5433 SoC and the other with Qualcomm's Snapdragon 805. Both are basically upgrades of last year's model.
The Exynos 5433 has two sets of quad-core processors: Quad-core 1.3 GHz Cortex-A53 & 1.9GHz quad-core Cortex-A57. The model that bears it will be distributed to select markets outside the U.S.
Needless to say, the model that will be carried by most of wireless providers in the U.S. is the one with Qualcomm Snapdragon 405 that has quad-core 2.7 GHz Krait 450.
Mobile devices would soon evolve and run on a higher architecture, so Samsung built the Note 4 (both models) with 64-bit support. While the device will be released with Android 4.4.4 KitKat running, it is expected that sooner than later an update to Android L, the first Android version with 64-bit support, will be rolled out.
As to the battery pack of the new Note, there is a very slight improvement. When I said slight, I meant 20mAh bump. Yes, the Galaxy Note 4 only has 3,220mAh battery while last year's model has 3,200mAh, which could last 21 hours talk time over 3G.
Does it mean that there is unnoticeable improvement in performance that Samsung found it unnecessary to upgrade the battery?
No. It means that even if the new device is more powerful than the Note 3, it isn't necessary to upgrade the battery as the new components, especially processors, are way more efficient that they consume less power.
Pricing and Availability
While Samsung was all-out in revealing specs and features of the Galaxy Note 4, it remained quiet as to pricing details and availability of the phablet, although, it is expected based on tradition that it will be released later this month and in October for the US market.


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Click here for this week's specials at royalroadshopping
royalroadshopping on eBay is a store selling laptop memory, computer memory, smartphone parts, and more. Click the blue link above to check out what deals and promotions they are currently offering in a variety of products. At the moment, they do have a Save 20% Off of Select Items promotion.
Feedback History
royalroadshopping has been selling on eBay since 2012. They have earned about 20,000 positive feedback ratings, with a current 98.8% positive overall score. So this is a very successful store on eBay. This is also a Top-Rated eBay store, which means they offer a really high level of item descriptions, customer service, as well as fast shipping.
It's not easy to become a Top-Rated store on eBay. You have to provide good quality items, accurate descriptions, excellent customer service, and fast shipping. And you have to do this day after day, month after month. So royalroadshopping has had a very successful and positive selling history on eBay.
royalroadshopping mainly sells items like laptop memory, computer memory, smartphone parts, and more. They carry brands like Micron, Samsung, Adata, Apple, Huawei, LG, Nokia, Sony, Hynix, Nanya, Elpida, and others.
This is one of those eBay stores to visit when you want the retail experience. If you've been to an electronics store lately, you should be familiar with the brands and styles that they carry.
Items like Ramaxel 10pcs 2GB DDR3 2RX8 PC3-10600S 1333MHz 204PIN DIMM For Laptop Memory, Micron 10pcs 2GB DDR2 2RX8 PC2-5300U 667MHz 240PIN DIMM intel RAM Desktop memory, Elpida 10pcs 2GB 1RX8 DDR3 PC3-10600U 1333MHz DIMM Intel Motherboard Desktop RAM, etc.
royalroadshopping sells brand new merchandise, and does offer a 100% Authentic guarantee, as well as a 100% money back guarantee.
When you sell brand name products, etc., especially at a discount, a popular question is always going to be if the items are authentic, fake, or knock-offs. To answer that question…
Let's take a close look at their recent feedback history. eBay buyers have a really good way of weeding out the good sellers from the bad. If an item even SLIGHTLY looks like it might be a counterfeit or knock-off, they will leave you bad feedback. And any and all flaws will usually be reflected in a seller's feedback. With that being said, over the past 12 months, royalroadshopping has received about 3,800 positive feedback ratings, compared to just 45 negative feedback comments. With that sort of lop-sided ratio, it definitely appears as though royalroadshopping is an honestly run business, selling authentic merchandise.
Click here to View Feedback for royalroadshopping
All items are guaranteed to be 100% authentic, and come with all the manufacturer paper work, in their original authentic boxes as provided by the manufacturers.
What I like or don't like
Their storefront is very organized. You have a product menu on the left side with all of the brand categories available, as well as top menu with store categories. So you just find your desired category, and go from there. Once you get into a listing page, you get a left hand menu with all of the brands available. So this store is very easy to navigate.
Another thing I appreciate is their attention to detail in their listings. Each listing has multiple clear and large pictures, so you can clearly see what is included in the listing. Their descriptions go into a lot of detail, and provide all the specifications that you might be looking for like the model they work for, size, color, etc. The quality of their listings is about as good as it gets on eBay. You get all sorts of pictures, sizes, weights, package contents, etc.
Their attention to detail, and their excellent feedback really makes you feel secure in shopping from this eBay store. As does their 30-day hassle free returns policy. No need to email back for a return authorization, or deal with with annoying emails back and forth. You just click on return, and send it back. And having a month to do so is quite convenient.
Have you shopped at this store before? If you have, leave a comment below and share your experience.

subset: commoncrawl


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Frequently asked questions at the Sleep Institute of New England
Before the Sleep Study
What is a sleep study?
A sleep study is a diagnostic test for evaluation sleep disorders. A sleep study, also called a polysomnogram (PSG), measures your brain wave activity, eye movements, muscle contractions, heart activity, breathing and blood oxygenation during sleep.
The information we collect during your study is reviewed and analyzed by our sleep specialists.
Can I visit the Sleep Institute before my study?
Yes, please feel free to call us to schedule a daytime tour before your test. We will be happy to accommodate your visit. You are also welcome to take a tour during your scheduled appointment.
What information will I get ahead of time?
Once you have scheduled your appointment, you will receive a welcome package that will contain forms you need to complete, along with directions and phone numbers to the facility. Be sure to bring the directions, phone number, completed forms and your health insurance card to your appointment.
What if I have special needs?
Please call our office between 8:00 a.m. and 5:00 p.m., Monday through Friday to discuss your special needs requirements. We will try to accommodate your needs and answer any questions you may have about the sleep study procedure.
What should I bring?
Pack as you would for an overnight stay. For the benefit of your comfort, please bring appropriate and comfortable 2-piece nightclothes (such as T-shirts and shorts or pajama top and bottoms). Review the recommended checklist below to ensure that you have everything you might need.
Recommended Check List:
- Comfortable nightclothes (2-piece pajamas or t-shirt and shorts)
- Bathrobe and slippers
- Toiletries and make-up
- Change of clothes
- Medications
- Special pillow or blanket (if desired)
- Reading material
- Hair dryer
What about medications?
Please take your medications as usual and bring them to the center, if necessary. Upon arrival at the sleep center, the technologist will be able to tell you your approximate bedtime so that you may take nighttime medications accordingly. Our staff will not be able to dispense any medication to you.
We also recommend that you discuss with your physician whether your medications will affect the sleep study results.
Can I wear nail polish?
If you wear nail polish we might have to remove it from at least one finger to obtain a good signal from the oxygen sensor.
Should I have dinner?
Please eat dinner before arrival.
Can I have a nap?
It is important that you avoid napping on the day of the study.
Can I have caffeine?
Avoid caffeine (coffee, colas, chocolates, etc.) after 12:00 noon on the day of the study.
Can I smoke?
Our institute is a non-smoking facility.
Should I take a shower before the study?
You may find that a shower before arriving at the sleep center will make you feel more relaxed. Please remove braids, hair weaves, and hair accessories (clips, rubber bands, etc.). Wash and dry your hair and do not apply any sprays, oils, gels, or make-up.
During the Study
What happens when I arrive at the sleep center?
The study usually begins at either 8:00 PM or 9:00 PM and ends between 6:00 AM and 6:30 AM. Once you arrive at the center, a sleep technologist will welcome you and show you to your private bedroom. The technologist will ask you to fill out some forms and answer any questions you may have.
Will I have a private bedroom?
Yes, sleep study bedrooms are private and each has a private bathroom.
How do I get ready for the study?
After you change into your sleepwear, the sleep technologist will place a number of non-painful sensors (also called electrodes) on your head, chest area and legs. The areas where the sensors will be attached are cleaned and the electrodes are attached with special gels and paste. (The gels and paste are harmless, however, if you have sensitive skin, please alert your sleep technologist prior to attaching the electrodes.) Elastic belts with sensors will be placed around your chest and abdomen. Airflow sensors will be placed under your nose and a finger clip will be applied to monitor your oxygen levels. All of the sensors will be connected to a small portable box that transmits signals to the sleep monitoring and recording equipment that is in a nearby control room.
Will I be able to sleep with so many things attached to me?
You may find it a bit strange at first, but most people do not find it uncomfortable or an obstacle to falling asleep. We will make every effort to ensure that you are as comfortable as possible. If a problem arises, your sleep technologist will make adjustments.
What if I need to go to the bathroom during the study?
If you need to use the bathroom during the night, you can call your sleep technologist on the intercom for assistance. They will temporarily disconnect you from the sleep monitoring equipment.
What happens while I'm sleeping?
The center is a busy place and there may be other patients being monitored during the same evening. The sleep technologists remain awake in the control room throughout the night analyzing the information being collected while you sleep.
Will I be treated for my sleep disorder while I'm there?
For certain patients with Obstructive Sleep Apnea (OSA), the sleep study may include the beginning of a treatment called CPAP (Continuous Positive Airway Pressure). During your orientation, this will be thoroughly reviewed, and you will have plenty of time to ask questions.
After the Sleep Study
When will l wake up?
If you are not already awake, you will be awakened between 6:00 AM and 6:30 AM.
Does the sleep center provide breakfast?
Sleep Institute of New England is equipped with a kitchen and we provide a light, complimentary breakfast. Selections include breakfast bars or oatmeal, coffee, teas and juices. A refrigerator and microwave are available, as well as a hot/cold spring water dispenser. You are welcome to use the kitchen or ask your sleep technologist for assistance.
When can I leave the sleep center?
You should plan to add an additional 30 minutes to your usual morning preparation time to allow us to remove the electrodes. You may take a shower to wash your hair to remove the gels and paste used to attach the electrodes. If you have long or thick hair, it may take longer to remove the paste. If you need to be somewhere at a certain time, please let us know when you arrive in the center so we can accommodate your request. If you have arranged for a ride, they will need to pick you up by 7:00 AM.
What happens if I am scheduled for a nap test?
Your doctor may have ordered an additional test called a Multiple Sleep Latency Test (MSLT) or a Maintenance of Wakefulness Test (MWT) as part of your overall evaluation. This means that you will need to stay at the center for most of the following day for a series of brief naps. The naps are scheduled throughout the day. Please bring reading materials, puzzles or other entertainment items that will help you pass the time. If you have been scheduled for one of these tests, additional information will be provided in your package.
What happens after my sleep study?
A large amount of information is collected during your sleep study. A sleep specialist will analyze this information and a formal report with recommendations will be sent to your doctor. On the night of the study, the sleep technologists cannot provide you with any information about your testing results.
When will my doctor receive my results?
It usually takes two to three days for your doctor to receive your formal report. Please schedule a follow-up visit with your physician after that time to discuss the findings and recommendations for treatment. If you have seen one of our specialist, you will be scheduled for a follow up visit to review the results of your sleep testing.


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This is really embarrassing, but it's a true story.
I live in New York City. It is a pedestrian city where most people don't drive. Even when you take mass transit it still requires a lot of walking. The subway stop I use most is 3/4 of mile walk from my apartment.
People here tend to be healthier as a result of the daily walking they have to do and because of this I see far fewer obese people in NYC than I do other places.
Last week, I was in a rural part of the US. As we were entering a restaurant there was a group of people walking out. Two members of the group leaving the restaurant were obese; they were so big it was hard for them to walk.
And this is the really embarrassing part… when I saw them my first thought and emotion was of disgust. It washed over my whole body to the point I felt sick to my stomach for a second.
The second emotion was of total shame for being disgusted. I was, and am, so disappointed in myself.
When something like this happens our emotional response is about us. It is about how we see ourselves, the world, and what we think is safe. My feelings of disgust had little to do with the people I saw and everything to do with how I see myself.
In this recording you will hear me tap in real time for the feelings of disgust I experienced, the shame that soon followed, and all the issues that came up as I found my way to the root causes of those feelings.


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SitusAMC provides the data collection, analytical and processing support that enables REITs and REOCS to focus on growth and revenue generation. In addition, SitusAMC offers advice and support for valuation systems, demand forecasting, opportunity assessment and regulatory updates.
Data collection, market analysis, trendspotting and advisory reports are a few of the offerings that make SitusAMC the advisory partner of choice for REITS and REOCs around the world. All services are designed and delivered in full compliance with securities laws and regulations.
Growing international competition for funds requires REITs to produce competitive returns, which requires integrating local market insights into global investment strategies. SitusAMC works with many of the top REITS in the United States and Europe, offering a broad portfolio of strategic solutions.
Regulatory and governance expertise
Global solutions customized to local markets
Leadership averages over 20 years of experience
Access to global staff of over 850 professionals
Optimize yields from diversified portfolios
Services for REITS & REOCS
REITs rely on understanding the true value, risk, potential and compliance of a real estate asset.
Solutions that manage risks, reduce costs and increase share prices.
Performing and Non Performing Loan Sales
REIT assets need to be managed effectively and efficiently with quick to respond industry experts.
Primary Servicing and Surveillance- US
Non – Performing Loan Workouts, CMBS Special Servicing, and Distressed Asset Management
Press Release
Situs, the premier global provider of strategic Real Estate business solutions for the Financial Services industry, today announced that Nick Rudenstine joins Situs as President and Chief Operating Officer (COO). In this role, Mr. Rudenstine will have direct oversight of Situs' business lines globally and will manage key functions throughout the firm.
Thought Leadership
Situs RERC is pleased to present the fourth quarter 2017 Situs RERC Flash Report, a preliminary look at Situs RERC's institutional investment survey data.
US real estate markets have been impacted by economic expansion and key events. Will demand and capital markets continue to support and potentially lift property pricing and value?
Our representatives in the United States and Europe
Chip Good
Managing Director
Business Development
+44 (0) 20 7220 1878


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From the Multicultural Classroom to the Multicultural Staff Room
Institute for Teacher Training and School Development (LI)
A unique network supports teachers with a migrant background and promotes intercultural education in German schools
In Germany's second largest city, Hamburg, nearly 14% of the population is made up of immigrants. In schools, this can be even higher – overall, one-third of students in German schools have a migrant background. However, less than 5% of their teachers do. This is a missed opportunity to provide positive role models and teach cultural sensitivity that would benefit all young learners. With their multicultural and multilingual heritage, teachers with a migrant background are a great asset for German schools, will help break down stereotypes and offer exemplary models of immigrant integration.
To help close this gap, the "Teachers with Migration History" network [Hamburger Netzwerk "Lehrkräfte mit Migrationsgeschichte"] supports existing teachers with a migrant background, and encourages students to train to become teachers. Ultimately, the network aims to promote a vibrant, intercultural school system in Germany.
Supporting teachers with migrant background
The network helps those teachers who are already in the school system through capacity building and training. For example, it supports professional development for teachers with a migrant background, and has recently set up an online forum where its members can exchange information, share their experiences and support each other.
Where consultations with its members found that some teachers with a migrant background had experienced discrimination, the Network supported those teachers in addressing or finding resolutions to these incidents.
Encouraging students to become teachers
One of the network's key long-term objectives is to diversify the teaching staff at Hamburg schools. To this end, it teamed up with the Zeit Foundation Ebelin and Gerd Bucerius to develop a "More Migrants as Teachers" project, which encourages students with a migrant background to train to become teachers. A four-day conference gives aspiring teachers an opportunity to hear from teachers with a migrant background and encourages them to choose a teaching career. The network has worked actively to recruit participants in this training. and has been relicated in other German cities such as Bremen.
In addition, the network works to promote the inclusion of internationally trained professionals in the Hamburg teaching profession. One of its greatest successes has been to work with the Ministry for Education and Vocational Training and regulatory institutions to simplify the accreditation process, thus enabling more teachers with a migrant background – especially those who gained teaching qualifications abroad – to work in German schools.
Promoting intercultural education and parent involvement
Another key objective is improving intercultural education in schools. The network has been working to develop modules in intercultural teaching that can be used by all teachers in German schools. It provides training on intercultural education, leadership, cultural mediation and intercultural consulting at Hamburg schools, for example. These modules are developed and delivered in cooperation with local authorities and regional partners such as foundations, academic institutions, migrant organizations, and non-governmental organizations (NGOs).
More recently, it worked with the Counselling Centre of Intercultural Education and the Institute for Teacher Training and School Development to develop training so teachers can earn a formal qualification in "intercultural education." This training and qualification has been available to teachers since February 2013.
Further, the network recognizes the importance of parental involvement in education. The network provides migrant parents with information on how the German school system functions and advises them on ways to increase their children's success in school. The network acts in partnership with migrant organizations and offers counselling in the migrant families' own language about the Hamburg school system.
The network now has 150 members, of which around 60 are actively involved in its programs through training and forums. What started as an informal network of professionals offering support to teachers has become a successful model that has been replicated widely and influenced the German school system itself. Other similar networks have emerged in Berlin, Hessen, Bremen and Stuttgart, highlighting the need for such supports across the country.
As a result of the network's efforts, Hamburg has one of the highest proportions of students with a migrant background studying to become teachers in the country – at just over 20%, the network is on its way to building a teaching workforce that reflects Hamburg's diverse student population.
Making it Work for You:
- Facilitate peer learning and peer support for teachers with a migrant background.
- Develop partnerships with mainstream education institutions to facilitate and encourage entry into the teaching profession for people with a migrant background.
- Identify systemic barriers and possible solutions – for example, simplifying accreditation has helped the increase the number of teachers with a migrant background in the German school system.
- Work with local mainstream educational structures to change the culture and processes of these institutions.
Themes: Learn, Intercultural education, Teacher Training
For this Good Idea contact:
Faried Ragab, Institute for Teacher Training and School Development (LI)
Felix-Dahn-Str. 3
Hamburg, Germany,
Lehrkräfte mit Migrationsgeschichte
For further reading :
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For Your Information
NASD Imposes $200 Fee for Form 211 Applications
On January 2, 1992, the SEC approved a proposed rule change by the NASD relating to a fee for Form 211 applications filed with the NASD pursuant to Schedule H, Section 4 of the NASD By-Laws. The rule change is effective immediately and, as a result, a $200 filing fee will be required together with each Form 211 application received on or after January 20, 1992. The fee is not refundable in the event that the member cannot satisfy the requirements of Schedule H, Section 4 or SEC Rule 15c2-11. Members are reminded that this fee, along with any other costs associated with making a market, must be paid by the member and cannot be passed along to the issuer or other parties.
In connection with this rule change, and consistent with Schedule H, Section 4 of the By-Laws, the NASD will no longer require that members submit a Form 211 to the NASD prior to entering a quotation in the National Quotation Bureau "Pink Sheets" when a valid exception to SEC Rule 15c2-11 is available. For further information, please refer to SEC Release No. 34-30145, Notice to Members 90-40, or call the NNOTC Compliance Unit at (202) 728-8149.
NASD Mails New Edition of Guide to Information and Services
With this issue of Notices to Members, NASD members are receiving the January 1992 edition of the NASD Guide to Information and Services. This publication, updated semiannually, is arranged by subject and includes names and phone numbers of persons whom members may call for information and assistance. A new feature of the guide, found on the inside front cover, is answers to five questions often asked by members.
California Increases Agent Registration and Transfer Fees
Effective January 1, 1992, California increased its agent fees. Agent registration and transfer fees rose from $10 to $25. If you have any questions regarding these changes, call NASD Information Services at (301) 590-6500.
Procedures, Fees Change for Unclassifiable (Illegible) Fingerprint Card Submissions
Effective January 2, 1992, the Identification Division of the Federal Bureau of Investigation (FBI) began charging a $23.50 processing fee for a third fingerprint card submission for an individual whose previous cards were returned as illegible.
Please make sure that the second submission for an individual includes the new and the returned illegible card to avoid a full $23.50 charge. But do not attach previously processed cards to the third submission because they will be rejected by the FBI.
The following fingerprint processing fees became effective January 2, 1992:
Filing Type
Document Requirements
Charge Per Card
Initial submission
Original card
Second submission
New and illegible card
Third submission
New card
If you have any questions about this new procedure, contact the Member Services Phone Center at (301) 590-6500.
Three PLATO Development Centers Move to New Locations
Effective immediately, the Charlotte, North Carolina PLATO Professional Development Center has relocated to 5600 77 Center Drive, Suite 370, Charlotte, NC 28217. The telephone number has not changed.
Effective March 2, 1992, the Bellevue, Washington PLATO Professional Development Center will relocate to 11400 Southeast 8th Street, Suite 270, Bellevue, WA 98004. The telephone number will be (206) 451-9883. The center will close at noon on Thursday, February 27 and all day Friday, February 28.
Effective March 16, 1992, the Milwaukee, Wisconsin PLATO Professional Development Center will relocate to 10400 West North Avenue, Suite 340, Wauwatosa, WI 53226. The telephone number will remain the same. The center will close at noon on Thursday, March 12 and all day Friday, March 13.
In the January 1-March 31, 1992, PLATO Brochure, the area code for the Birmingham, Alabama PLATO Professional Development Center is incorrect. The correct area code is 205.
Tokyo Examination Session Rescheduled in April
The April 18, 1992, session in Tokyo, Japan has been rescheduled to April 25.
Paper and Pencil Examination Center Location, Dates Change
In Las Vegas, Nevada the testing room has been changed to Room 112. In Great Falls, Montana the May 2, 1992, session has been rescheduled to May 9. All centers' July 4, 1992, sessions have been rescheduled to June 27, and all September 5, 1992, sessions have been rescheduled to August 29.
Revised Series 26 Study Outline Becomes Available Through NASD
The revised study outline for the Investment Company Products/Variable Contracts Limited Principal Examination (Series 26) is available through the NASD Member Services Phone Center at (301) 590-6500. The cost of this outline is $10.
The revised examination will be implemented effective April 1, 1992. Questions regarding this revised examination program may be directed to Mark Costley, Qualifications Analyst, at (301) 590-6697.
NASD Service Fee for Second Fingerprint Submission Rises
The NASD service charge of $1.50 for the second fingerprint submission has increased to $2.50, effective February 5, 1992.
The current fingerprint processing fees appear at the right
If you have any questions about this new procedure, contact the Member Services Phone Center at (301) 590-6500.
Initial Submission (original card)
$23.50 per card
Second Submission (new and illegible card)
$2.50 per card
Third Submission (new card only)
$23.50 per card
New Format Designed for SRR's Letters to Members
Effective March 16, 1992, the Special Registration Review (SRR) department will begin using a new format when generating Advisory Messages to member firms concerning Forms U-4 and U-5 for registration and termination of brokers. Through software enhancements, the old style of free-form text has been replaced by more concise, prestructured sentences that resemble the Disclosure Reporting Page (DRP) format.
The top portion of the Advisory Message will identify the respective individual and inform the member of both the type of filing reviewed and the problems or deficiencies noted (i.e., missing data, omitted disclosure, erroneous combining of multiple events on a single DRP, etc.). Following a blank line, sentences will appear that serve to instruct the member in correction of the noted problem. These sentences will specify what type of filing or document is required to be submitted and what information is needed. The new style of letters is created based on the review of all reportable events appearing within a broker's Central Registration Depository (CRD) record. In cases where letters must be created for multiple events, each set of messages will be separated by a partial row of asterisks.
The new software offers additional abilities such as on-line review by Firm Access Query System (FAQS) subscribers, duplication of letters by SRR on request, and the automatic 30-day tracking and regeneration of outstanding letters up to a 120-day period. At 120 days, purge notices would be sent to the firm on any outstanding deficient filings. Comments or questions concerning the new letters may be addressed to Daphne Smith, Manager, Special Registration Review, at (301) 590-6842.
NASD Sponsors Full-Day CRD Conference in Maryland May 1
The NASD is sponsoring an all-day CRD Conference Friday, May 1, at the Holiday Inn, Crown Plaza, in Rockville, Maryland. There is limited space, so make your reservations early. The registration fee is $75 per person and includes seminars, workshops and training sessions, continental breakfast, and lunch. Registrants are responsible for their own transportation, hotel costs, and reservations. For hotel reservations, call the hotel directly at l-(800) 492-1331. Please identify yourself as with the National Association of Securities Dealers, Group #8702, to ensure obtaining the group rate of $85 per person per night. For your registration form and additional information, please call the Member Services Phone. Center at (301) 590-6500.
New Versions of Forms U-4 and U-5 Become Only Ones Accepted
The Uniform Application for Securities Industry Registration or Transfer (Form U-4) and the Uniform Termination Notice for Securities Industry Registration (Form U-5) have been changed. The new versions of the forms dated 11/91 became the only versions accepted by the NASD after February 21, 1992. After that date, all earlier versions of the forms are being sent back to the firm. Copies of the new forms were mailed to member firms in November 1991. If you did not receive copies or need additional copies, please call the NASD Member Services Phone Center at (301) 590-6500 to order a sufficient supply.
NASD to Host Major Securities Industry Conference in Florida May 20-22
The NASD's 1992 Eastern Regional Securities Conference, sponsored by Districts 5, 7, 8, 9, 10, and 11, will be held at The Peabody in Orlando, Florida, May 20-22. The program will begin with a state-of-the-NASD address by NASD President and Chief Executive Officer Joseph R. Hardiman, followed by a general session panel on the "Outlook for the Economy, Markets, and the Securities Industry." A second general session panel entitled "New Developments in Securities Regulation" will feature discussions of significant rules and regulations recently adopted, pending approval, or under development at the SEC, NASD, and state level and their potential impact on members.
During the workshop portion of the program, participants will be able to choose from among 12 sessions at which the following topics will be discussed: advertising rules and recent interpretations; compliance and supervision issues; continuing education and assessment for industry professionals; corporate financing matters; dealing with the problem registered representative; fair dealings with customers in terms of markups and pricing; regulation of financial planners, investment advisors, and insurance broker/dealers; new initiatives in the fixed income market; market services and market surveillance; new products/derivatives and related regulatory considerations; and financing small businesses. There will also be a full-day training session for NASD arbitrators.
Conference registration is limited and costs $335 per person for the full conference, $125 for the arbitrators training session, or $425 for both sessions. To request a conference brochure, which includes a full agenda and registration information, please FAX your name, firm, and address to Elisabeth Owen at (202) 728-6952.
New Phone Number Listed for Wauwatosa PLATO Center
The telephone number for the recently relocated Wauwatosa, Wisconsin PLATO Professional Development Center was omitted from the PLATO brochure. The correct number is (414) 774-1378.
Fidelity Bonding Coverage of Certain Employees
All financial institution fidelity bonds, including the bond used in the NASD Group Buying Program, contain a clause (usually in Section 12 of the bond) that terminates coverage of an employee when principals of the insured firm first become aware that, at some time in the past, whether in the employ of the firm or not, an employee committed a fraudulent or dishonest act.
If a member has knowledge that any of its employees has engaged in fraudulent or dishonest activity, there is a distinct possibility that, if the employee engages currently in similar activity causing a loss to the member, the member's subsequent claim on the insurance carrier for indemnification will be denied.
There is also the question of member compliance with the provisions of the NASD fidelity bonding rule (Article III, Section 32, NASD Rules of Fair Practice). These provisions require that all persons associated with a member firm be covered under a member's fidelity bond.
When a member learns that an employee has engaged in fraudulent or dishonest activity in the past, it should immediately contact its insurance carrier and disclose the nature and extent of the conduct. The carrier then will review the information and decide whether to provide coverage of the employee. In many situations, particularly if the activity occurred many years ago and the employee's conduct has since been exemplary, the carrier may be willing to provide coverage. If not, the employee cannot continue to be employed by a member firm.
A similar situation exists when a member is in the process of hiring a new employee. Any past evidence of fraudulent or dishonest conduct should be disclosed to the insurance carrier for its decision whether to provide coverage.
We are bringing this matter to the attention of members at this time because we believe that many members may not be aware of the employee termination clause in their fidelity bonds. In a recent case a claim by a member for almost $500,000 was denied by an insurance carrier because the member knew that in the early 1980s the registered representative, who was the cause of the current loss, violated an NASD rule that the insurance carrier considers involved dishonest conduct.
NASD Member Voting Results
As a member service, the NASD is now publishing the final result of member votes on issues presented to them for approval in the monthly Notices to Members. These tallies will appear in the "For Your Information" section of the Notices.
Thus far in 1992, members have voted on the following issues:
- Notice to Members 92-1— Proposed Amendment to Article VI, Section 3 of the By-Laws to Extend the NASD's Summary Suspension Procedures to Situations Where Members or Associated Persons Fail to Comply With Arbitration Awards. Voting Deadline: February 18, 1992. Ballots For 2,070; Against 204; and Unsigned 9.
- Notice to Members 92-8— Proposed Amendment to Rules of Fair Practice, Article III, New Section 46: Short-Sale Rule for Nasdaq/NMS Securities and New Section 47: Primary Nasdaq Market Makers. Voting Deadline: March 13, 1992. Ballots For 1,779; Against 445; and Unsigned 15.
Application of the Free-Riding and Withholding Interpretation to Investment Partnerships
The NASD has recently received numerous inquiries asking if an investment partnership that has restricted persons as partners may invest in "hot issues" under the NASD's Free-Riding and Withholding Interpretation if the partnership is structured to preclude the restricted persons from benefiting from the hot-issue purchases.1 This issue was presented to the NASD Corporate Financing Committee and to the National Business Conduct Committee for their consideration. Both committees affirmed the position — which the NASD staff has taken since at least 1980 — that regardless of whether the partnership internally allocates profits and losses from hot-issue transactions away from restricted persons, a member may not sell a hot issue to an investment partnership if restricted persons have a beneficial interest in such partnership unless the sale complies with the provisions of the Interpretation.
Therefore, a partnership that has persons associated with a broker/dealer as partners would be unable to purchase hot issues because such persons are absolutely restricted by the Interpretation. Partnerships that have other categories of conditionally restricted persons as partners would only be able to purchase hot issues if the partnerships were able to demonstrate compliance with the "investment history," "insubstantial," and "not disproportionate" tests of paragraph 5 of the Interpretation.
The staff has taken this position because the NASD has no jurisdiction over investment partnerships or similar entities and has no way to verify whether such restrictions or allocations are being followed. This position also considers the fact that the Interpretation provides for granting exemptions in only one area (i.e., issuer-directed securities) with such exemptions available only in very limited circumstances, not related to investment partnerships.
In response to the interpretative issues raised and to a request by the NASD's Advisory Council, the Board of Governors has authorized the creation of a committee composed of members of the Corporate Financing, National Business Conduct, and Insurance-Affiliated Broker/Dealer Committees to conduct a general review of interpretative issues regarding the Free-Riding and Withholding Interpretation, including the treatment of restricted persons in investment partnerships. This committee will report its recommendations for consideration and/or action by the Board of Governors.
1 The Interpretation includes a provision relating to Investment Partnerships and Corporations that was amended in 1988 (see NASD Manual p. 2047, Notice to Members 88-93).
Last Call to Register for NASD's Eastern Regional Securities Conference To Be Held May 21 and 22 in Orlando
The NASD's Eastern Regional Conference, sponsored by Districts 5, 7, 8, 9, 10, and 11, will be held at The Peabody on May 21-22 in Orlando, Florida. The program will include a state-of-the-NASD address by NASD President and CEO Joseph R. Hardiman and a luncheon address by J. Carter Beese, the newest SEC Commissioner. The program will also feature a general session with panels on the "Outlook for the Economy, Markets, and the Securities Industry" and "New Developments in Securities Regulation."
Workshops, a major part of the program, will cover advertising rules and recent interpretations; compliance and supervision issues; continuing education and assessment for industry professionals; corporate financing matters; dealing with the problem RR; fair dealing with customers in terms of markups and pricing; regulation of financial planners, investment advisors, and insurance broker/dealers; new initiatives in the fixed-income market; market services and market surveillance; new products/derivatives and related regulatory considerations; and financing small businesses. There will also be a full-day training session for NASD arbitrators on May 20.
Conference registration is limited and costs $335 per person for the full conference, $125 for the arbitrators training session, or $425 for both sessions. To make reservations, call Elisabeth Owen at (202) 728-8005.
Vermont Increases Agent, Broker/Dealer Fees Effective July 1
Effective July 1, 1992, Vermont will increase its agent and broker/dealer fees. Agent registration, transfer, and renewal fees will rise from $30 to $45. Broker/dealer registration and renewal fees will go from $200 to $250. If you have any questions regarding these changes, call the NASD Member Services Phone Center at (301) 590-6500.
NAIC's "Own Your Share of America" Campaign Gets Underway
To increase direct individual investment, the National Association of Investors Corporation (NAIC) is conducting an "Own Your Share of America" campaign. This promotional effort is intended to encourage people to become direct owners of the common stock of publicly traded companies. The campaign will run every June for five years beginning this month.
The NASD supports NAIC's efforts because The Nasdaq Stock Market™ is the market of individual investors — they own 60 percent of Nasdaq® securities by market value, and their participation in this market is growing. According to recent survey data, between 1985 and 1990 the number of individual investors in Nasdaq securities jumped from 8.3 to 11.1 million, an increase of 32.4 percent.
If you or your firm would like more information on the program, call or write to: NAIC, P.O. Box 220, Royal Oak, MI 48068, (313) 543-0612.
Louisiana Raises Agent Fees
Effective June 10, 1992, Louisiana raised its agent fees for registration, transfer, and renewal from $50 to $60.
If you have any questions regarding these changes, call NASD Member Services Phone Center at (301) 590-6500.
Major Medical Insurance Brochures Mailed to Registered Reps
In June, insurance administrators for the NASD began mailing major medical coverage brochures to registered representatives of those firms that have given their consent for such direct contact.
This coverage, insured by National Casualty Company, features cost-saving deductibles of up to $2,000, good-health and spouse discounts, and rates that are generally competitive. Interested registered representatives may obtain detailed information by contacting Benefits Administrators, Inc., at 1-800-336-0883.
NASD Member Voting Results
As a member service, the NASD publishes the final result of member votes on issues presented to them for approval in the monthly Notice to Members. Most recently, members voted on the following issue:
- Notice to Members 92-25— Proposed Amendment to Article III, Section 15 of the NASD Rules of Fair Practice Re: Exemption for Negative-Response Letters Used to Facilitate Certain Bulk Exchanges of Money Market Mutual Funds. Voting Deadline: June 22, 1992. Ballots For 1,890; Against 133; and Unsigned 19.
New FDIC Regulations Issued for Brokered Deposits
Members who engage in the practice of brokered deposits with federally insured depository institutions must now notify the Federal Deposit Insurance Corporation (FDIC) in writing that they are acting as deposit brokers.
The regulation defines a deposit broker as: (A) Any person engaged in the business of placing deposits, or facilitating the placement of deposits, of third parties with insured depository institutions, or the business of placing deposits with insured depository institutions for the purpose of selling interests in those deposits to third parties; and (B) An agent or trustee who establishes a deposit account to facilitate a business arrangement with an insured depository institution to use the proceeds of the account to fund a prearranged loan.
Under this new regulation, a deposit broker must register with the FDIC before it may solicit or place deposits with an insured depository institution. In addition, a deposit broker must keep certain records and on request file written reports with the FDIC.
The regulation was published in the June 5, 1992, Federal Register Volume 57, Number 109, at pages 23933-44. For further information, contact William G. Hrindac, Examination Specialist, Division of Supervision, (202) 898-6892 or Valerie Jean Best, Counsel, Legal Division, (202) 898-3812, or write to FDIC, 550 17th Street, N.W., Washington, DC 20429.
Minnesota Increases Agent Transfer Fee
Effective August 1, 1992, Minnesota increased its agent transfer fee from $20 to $25. The state agent registration fee remains $50.
If you have any questions regarding this change, call NASD Member Services Phone Center at (301) 590-6500.
NASD Membership Department Schedules CRD Conference October 22-23
The second Central Registration Depository (CRD) Conference in 1992 will take place October 22-23, 1992. Additional details will appear in future Notices To Members and the CRD banner pages. For further information, call Rick Sheridan at (301) 590-6523.
NASD Mails Insurance Brochures to Associated Persons
In August, the NASD will mail brochures to associated persons describing the NASD's Individual Term Life Insurance Plan designed for NASD employees, registered representatives, and employees of member firms. Only those eligible associated persons whose member firms have authorized the NASD to contact them directly will receive these brochures.
The coverage described in the brochures serves to supplement whatever life insurance the member firm may already provide. The insurance amounts range from $25,000 to $250,000 and the insurance includes optional spouse and child coverage. Waiver of premium for disability of the primary insured applies to these optional family coverages.
Please be assured that all information used for this mailing is strictly confidential and will not be used for any other purpose. Any individual interested in more detailed information may obtain it by contacting Benefits Administrators, Inc., at (800) 336-0883.
Application of the Free-Riding and Withholding Interpretation to Investment Partnerships Managed by Entities or Persons Not Associated With NASD Members
In the May 1992 Notices to Members, the NASD reiterated a staff position of long standing that regardless of whether an investment partnership internally allocates profits and losses from hot issue transactions away from restricted persons, a member may not sell a "hot issue" to an investment partnership if restricted persons have a beneficial interest in such partnership unless the sale complies with the provisions of the NASD's Free-Riding and Withholding Interpretation (Interpretation). Thus a partnership having persons associated with a broker/dealer as partners could not purchase hot issues because such persons are absolutely restricted by the Interpretation. Furthermore, partnerships with other categories of conditionally restricted persons as partners could only purchase hot issues to the extent the partnership demonstrated compliance with the "investment history," "insubstantial," and "not disproportionate" tests of paragraph 5 of the Interpretation. The May Notice stated that the National Business Conduct Committee (NBCC) was creating a committee to review the Interpretation.
The May Notice had resulted from an inquiry considered by the NASD's NBCC and Corporate Financing Committee in which an NASD member and its associated persons had been involved in the management and distribution of the interests in partnership.
After publication of this Notice, the NASD received several requests for clarification of the position as it would relate to partnerships managed by third party, non-broker/dealer affiliated entities in which restricted persons may be passive investors. These requests sought interim relief from the restrictions described in the Notice pending the overall review of the Interpretation by the NBCC Subcommittee. These requests stated that for many years partnerships have been operated with "carve out" provisions in the partnership agreement that prevent restricted persons from participating in the hot-issue purchases. The partnerships relied on opinion-of-counsel letters which concluded that sales to these partnerships would comply with the provisions of Part B of the Investment Partnership section of the Interpretation. Under Part B, the member executing the transaction for investment partnership must receive an opinion of counsel that states no restricted persons have a beneficial interest in the account. The opinion-of-counsel letters had concluded no beneficial interest existed because of the carve-out provisions.
The NASD's NBCC and Corporate Financing committees reviewed these requests. The committees determined that, pending review of the entire Interpretation, it was appropriate to grant limited interim relief to investment partnerships having restricted persons as limited partners under certain conditions. Such partnerships must be managed by third-party general partners either corporate or individual who are not affiliated with NASD members, and such partnerships must internally allocate profits and losses from hot-issues transactions away from the restricted persons. In reaching this conclusion, the committees distinguished such third-party partnerships from the managed partnerships previously reviewed.
To obtain such interim relief, the investment partnership must establish the following policing mechanisms:
To qualify for the interim relief described in this Notice, a member executing a hot-issue transaction for an investment partnership with restricted persons as limited partners must receive, prior to the initial transaction, the certification from the general partner described in paragraph 1 and the opinion-of-counsel letter described in paragraph 2. The certification from the independent public accountant described in paragraph 3 above shall be obtained at the partnership's next audit.
As previously discussed, the NBCC has created a committee to review the Interpretation and the NBCC invites the membership to provide to this committee any comments or topics on the Interpretation for the committee's consideration. Such comments or topics should be directed to T. Grant Callery, Vice President and Deputy General Counsel, NASD, 1735 K Street, NW, Washington, DC 20006-1506. Any questions concerning this Notice should be directed to T. Grant Callery at (202) 728-8285 or Craig L. Landauer, Assistant General Counsel, at (202) 728-8291.
NASD Member Voting Results
As a member service, the NASD publishes the final result of member votes on issues presented to them for approval in the monthly Notices to Members. Most recently, members voted on the following issue:
- Notice to Members 92-30— Proposed Amendment to Rules of Fair Practice to Require Members to Send Periodic Statements of Account to Customers; Last Voting Date: July 22, 1992. Ballots For 1,827; Against 329; and Unsigned 18.
North Carolina to Increase Agent Fees
Effective January 1, 1993, North Carolina will increase its agent fees. Agent registration, transfer, and renewal fees will rise from $45 to $55. The higher renewal fee will be reflected in the annual renewal invoice sent to firms in November 1992. Broker/dealer registration and renewal fees will remain at $200 each.
If you have any questions regarding these changes, call NASD Member Services Phone Center at (301) 590-6500.
NASD Member Voting Result
As a member service, the NASD publishes the final result of member votes on issues presented to them for approval in the monthly Notices to Members. Most recently, members voted on the following issue:
- Notice to Members 92-36— Proposed Amendment to Article III, Section 35 of the NASD's Rules of Fair Practice and Section 8 of the NASD's Government Securities Rules to Require Members to Prefile Advertisements for Collateralized Mortgage Obligations; Last Voting Date: August 21, 1992. Ballots For 1,810; Against 298; and Unsigned 33.
SEC Solicits Public Comment on Its Electronic Filing and Retrieval System, EDGAR
The Securities and Exchange Commission (SEC) has requested public comment on proposed rules to implement the operational phase of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The proposed rules will apply to electronic submissions (generally by the issuers of securities) processed by the Division of Corporate Finance, and in some cases, to those processed by the Division of Investment Management. The proposals will also affect paper filings in limited circumstances. Separate releases contain additional proposed rules relating to electronic submissions processed by the Division of Investment Management and to payment of fees into the SEC's lock-box depository.
In its release, the SEC noted a number of benefits that will accrue to filers from the submission of documents in electronic format. First, time saved by direct transmission of filings will provide filers greater opportunity to meet market windows and eliminate the uncertainty and delay of mail or messenger delivery. Second, the improved dissemination of information resulting from the system will increase public information about all companies, particularly mid-sized and smaller companies, and should increase their visibility and market following.
Third, the SEC's hours for receipt of directly transmitted submissions will be extended to 10 p.m. Eastern Time. Fourth, use of modular submissions and segmented filings will save transmission time and eliminate duplicative transmission of information by permitting a filer to submit data, such as financial statements, and then use the data in subsequent submissions. Fifth, the EDGAR electronic mail/bulletin board service will provide prompt filer notification of acceptance or suspension of submissions.
In addition, EDGAR will allow the SEC to store, process, and disseminate information more efficiently, and will make the staff review process more efficient. Computerization also will provide a foundation for future development of one-stop filing via EDGAR and EDGAR-compatible systems with the North American Securities Administrators Association for the states and with the self-regulatory organizations, namely the National Association of Securities Dealers, Inc., and the stock exchanges.
All comments on these releases are due by October 6, 1992, and should be submitted in triplicate to:
Jonathan G. Katz, Secretary
Mail Stop 6-9
450 Fifth Street, N.W.
Washington, D.C. 20549.
In announcing its EDGAR proposals, the SEC issued four separate releases which were published on Friday, August 7, 1992, in the Federal Register, Volume 57, No. 153.
For information on Rulemaking for EDGAR System [Release Nos.: 33-6944; 34-30951; 35-25587; 39-2285; IC-18862; File No. S7-21-92] contact: Barbara C. Smith Jacobs or James R. Budge, at (202) 272-2589, Office of Disclosure Policy, Division of Corporate Finance, SEC, 450 Fifth Street, N.W., Washington, D.C. 20549.
For information on Rulemaking for EDGAR System; Investment Companies and Institutional Investment Managers [Release Nos. 33-6945; 34-30952; IC-18863; File No. S7-22-92] contact: Anthony A. Vertuno, Senior Special Counsel, EDGAR IM Project, (202) 272-7716, Kenneth J. Berman, Special Counsel, (202) 272-2107, or Ruth Armfield Sanders, Staff Attorney, (202) 272-7714, Division of Investment Management, SEC, 450 Fifth Street, N.W., Washington, D.C. 20549.
For information on Rulemaking for EDGAR System — Public Utility Holding Companies [Release Nos. 33-6946; 34-30953; 35-25588; File No. S7-23-92] contact: Richard T. Miller, Staff Attorney, (202) 504-2268, Office of Public Utility Regulation, Division of Investment Management, SEC, 450 Fifth Street, N.W., Washington, D.C. 20549.
For information on Instructions for Filing Fees [Release Nos. 33-6947; 34-30954; 35-25589; 39-2286; IC-18864; File No. S7-24-92] contact: Jessica L. Kole, Special Counsel (202) 272-2700, Office of the Executive Director, SEC, 450 Fifth Street, N.W., Washington, D.C. 20549.
NASD® Adds New Member Service to NASDnetSM Electronic FOCUS System
The NASD® is offering a new service which gives member/designees the ability to provide clearing corporations and clearing firms with copies of FOCUS reports electronically. This service is available through the NASDnetSM electronic filing system currently used by all NASD member/designees to file FOCUS reports with the NASD.
Using NASDnet to collect FOCUS information will ensure that third parties receive FOCUS reports from members/correspondents promptly without risk of the filings being "lost in the mail." Because of the rigorous edits contained in the PC FOCUSSM/NASDnet system, the FOCUS data received will be accurate and complete. Electronic receipt of FOCUS data means that third parties will no longer have to rekey the information. Using the NASD system to receive FOCUS data from correspondents will enhance risk management capabilities by enabling third parties to analyze correspondents' data much sooner and without any need to verify any of the information provided.
The cost for this new service will be $100 a year for each firm forwarding FOCUS reports through NASDnet. This fee will cover telecommunications costs and will provide unlimited support for third parties and member/designees from our Customer Support Staff. The NASD will bill this amount to third parties at the beginning of each calendar year.
For more information, please contact Elizabeth Wollin at (301) 590-6887.
NASD Member Voting Result
As a member service, the NASD publishes the final result of member votes on issues presented to them for approval in the monthly Notices to Members. Most recently, members voted on the following issue:
- Notice to Members 92-37— Proposed Amendment to Article III, Section 21 of the Rules of Fair Practice to Require Predispute Arbitration Agreements to Include a Notice That Class-Action Matters May Not Be Arbitrated; Last Voting Date: August 21, 1992. Ballots For: 1,716; Against 365; and Unsigned 47.
NASD Conference in New York
The NASD is sponsoring a one-day educational seminar at the New York Vista Hotel in New York on Wednesday, November 4, 1992. Distinguished speakers will discuss topics such as markups; supervision; trading of U.S. government, high-yield, and municipal securities; derivatives; collateralized mortgage obligations (CMOs); wrap-fee programs; arbitration; and compliance issues facing today's compliance officers and securities attorneys. Featured speakers include Joseph R. Hardiman, NASD President and CEO, and Congressman Charles Schumer, Chairman of the House Judiciary Subcommittee on Crime and Criminal Justice.
For a conference brochure and further information, call Rosalie Tardi at (212) 858-4178 or fax your request to (212) 858-4189.
NASD Announces Early Closing for Nasdaq and SelectNetSM on November 27 and December 24, 1992
The Nasdaq Stock MarketSM and SelectNetSM will close two hours early on the day after Thanksgiving, Friday, November 27, and Christmas Eve, Thursday, December 24. This means that The Nasdaq Stock Market will close at 2 p.m., instead of the regular closing time of 4 p.m., on those days and that SelectNet will stop accepting orders at 3:15 p.m. instead of the regular 5:15 p.m. closing time.
The Automated Confirmation Transaction (ACT) service and the Mutual Fund System, as well as all other postclosing activities, will occur two hours earlier than the normal daily processing time.
Any questions concerning these closing times should be directed to New York Market Operations at(800)635-6485.
1992 Economic Census Will Count Millions of Business Firms
More than 3.5 million American businesses will receive 1992 Economic Census questionnaires from the U.S. Census Bureau in December. Should your firm receive one, please note that the due date for returning it is February 15 and that firms receiving census forms are required by law to respond.
This is the most comprehensive Economic Census ever undertaken. For the first time, the census will measure activity in finance, insurance, and real estate along with the sectors traditionally covered: retail and wholesale trade, service industries, transportation, manufacturing, mining, and construction industries.
Taken every five years, the Economic Census identifies trends in business activity that are vital to measuring and encouraging growth in the American economy. The federal government uses census data to measure economic change. State and local agencies use the Economic Census in regional planning and economic development as well as to attract and keep business activity in their areas.
Businesses can use the data generated by the census to develop business plans, calculate market share, and compare themselves to industry averages. The Economic Census also is important for business-to-business marketing: results frequently influence the location of retail outlets and the design of distribution systems.
The information provided in the census is absolutely confidential. By law, only sworn Census Bureau employees may see individual responses, which are also exempt from the Freedom of Information Act. Statistics from the 1992 Economic Census will be published in more than 500 printed reports and in formats for computers, including compact discs (CD-ROMs). Both printed reports and CD-ROMs will be available in hundreds of libraries across the nation, or may be purchased inexpensively from the Government Printing Office. If you have any questions about the census, call Robert Marske at (301) 763-7356 or FAX (301) 763-2324.
NASD to Publish Back Notices to Members in Bound Volumes
In response to increasing interest from members, the NASD will release bound-volume versions of past years of its Notices to Members monthly newsletter. Notices for years 1987 through 1991 are available for member purchase this month.
The bound volume series includes each year's table of contents as well as a subject index cross-referenced to volumes. The Notices bound volumes will assist analysts, researchers, and legal staff in responding to compliance and regulation questions.
The five-year series costs $600, and individual years are $150 per volume. For more information regarding these Notices to Members bound volumes, call NASD Corporate Communications at (202) 728-6900. Credit card orders may be placed at NASD MediaSourceSM at (301) 590-6578, Monday through Friday, 7 a.m. to 5 p.m, Eastern Time.
Corrections to October 1992 Notices to Members
In Notice to Members 92-52, which concerned broker/dealer and agent renewals for 1992-93, an important piece of information was omitted. Under the section titled "Filing Forms BDW," Alabama should have been listed as one of the seven jurisdictions that do not participate in the CRD Phase II program. The NASD will collect both broker/dealer and agent renewal fees from those firms that are registered in Alabama.
Due to an error in Notice to Members 92-53, the last entry in the table, Total Underwriting Compensation, on page 373 read: 50 or more 6.89 5.00 25.57. It should have read: 50 or more 6.89 5.02 5.57.
For your convenience, a corrected page 373 has been included in this edition of the Notices to Members on the opposite page.
Important Information for Those Individuals Who Are Participating in the NASD Health Guard Plus Major Medical Program
As we all know, medical care costs have been increasing nationally at a 20 percent plus rate. However, our plan has not had an increase in rates since April 1992, although our carrier, National Casualty, has the right to adjust rates on April 1 and October 1 each year. Since the Company did not exercise that right this October, it appears likely that some increase can reasonably be expected as of next April 1993. However, premiums already paid on existing policies are guaranteed against an-increase. For example, an insured whose premium due date falls in December and who pays a six-month premium is protected until June 1993; likewise, payment of a full annual premium would protect that premium against an increase until December 1993, "locking in" the current rates for a full 12 months.
Coming in April 1993: an increase in the maximum limit of benefits from $ 1 million to $2 million a new optional $5,000 deductible, and greater discounts for insureds who have been claim-free.
Gross Dollar Amount of Offering (millions)
Firm Commitment Initial Offerings (%)
Firm Commitment Secondary Offerings (%)
Best Efforts Offerings (%)
50 or more
1 This table contains the results of a regression analysis of an overall population and not mathematical averages for each category. This data should be considered only in connection with the explanation of methodology contained in the attached Notice.
Correction to Notice to Members 92-59Regarding Prefiling of Advertisements for Collateralized Mortgage Requirements
Please note that there is an error in the rule language reprinted on page 415 of Notice to Members 92-59(November 1992). The language contained in Article III, Section 35(c)(2) of the Rules of Fair Practice (17th line in column 1) and Section 8(c)(l)(B) of the Government Securities Rules (19th line in column 2) that reads ". . . until the advertisement or sales literature has been refiled for. . . " should instead read "... until the advertisement has been refiled for . . . ." Collateralized mortgage obligations sales literature is not subject to NASD prefiling requirements. Also, this prefiling requirement will apply until November 15, 1993, not November 15, 1992, as was erroneously reported in the Notice.


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* EU objections could force Hutchison to offer more concessions
* Hutchison last month proposed to let rivals use its Austrian network
* EU Commission decision due by Nov. 30
By Foo Yun Chee and Georgina Prodhan
BRUSSELS/VIENNA, Sept 13 (Reuters) - EU regulators object to Hutchison 3G's agreed 1.3 billion euro ($1.7 billion) takeover of France Telecom's Orange Austria and will carry out a full probe, Hutchison said on Thursday, in a move likely to force more concessions to win approval.
The European Commission, which has been examining the takeover since June, has said it is worried the deal would cut the number of telecoms operators in Austria to three from four and lead to higher consumer prices. The commission declined to comment On Thursday.
The case is being watched closely by telecoms executives and investors for how it might apply to bigger markets such as Spain, Italy and Germany - which also have four mobile operators and are seen as in need of consolidation.
Hutchison, Austria's third-largest mobile operator and a unit of Hutchison Whampoa, which is controlled by Hong Kong billionaire Li Ka-shing, offered last month to let rivals use its mobile network to allay regulatory concerns.
The EU executive subsequently sought feedback from rivals and other parties.
Hutchison said some respondents were negative on the deal and that the Commission would broaden its investigation into the proposed merger, confirming what a source earlier told Reuters.
H3G Austria's Chief Executive Jan Trionow said in an email Hutchison would work with the EU watchdog but that further concessions would erode the benefits of the deal for consumers and may further boost the bigger operators.
The EU competition watchdog has set a Nov. 30 deadline for its decision.
Sources familiar with the matter have told Reuters that Hutchison's offer included signing a memorandum of understanding to open up its network to cable operator UPC, which is owned by Liberty Global.
Some observers said the intense regulatory scrutiny is surprising for a deal between a country's third and fourth telecoms operators that would a combined group with just a 22 percent market share and in a country with 8.2 million people.
Telekom Austria is the market leader, followed by Deutsche Telekom unit T-Mobile.
EU regulatory concerns about losing a fourth player in Greece torpedoed Vodafone's plan to merge its Greek unit with rival Wind Hellas in February, a source told Reuters at the time.


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Object Storage Essential Capabilities #4 – Performance
This is the fourth in a series of posts covering object storage requirements. Other posts in this series can be found at Object Storage Capabilities Series. Object stores are seen as the repository for large volumes of data, much of which can be inactive. As a result, performance is probably not top of the list of… Read more »


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Sep 11, 2019
Programmer Featured
$5,259 - $8,624 monthly
Texas PK-16 Public Education Information Resource (TPEIR) Programmer (Programmer IV) ( 00006698 ) MISSION: The Texas Education Agency (TEA) will improve outcomes for all public school students in the state by providing leadership, guidance, and support to school systems. POSITION OVERVIEW: The Texas PK-16 Public Education Information Resource (TPEIR) Programmer IV position reports to the TPEIR Unit Manager in the Research and Analysis Division. This position contributes to public reporting of Texas education and workforce data that supports measurement of student performance, career and college readiness, college success, and school improvement, providing transparency in school districts and informing policy makers. This role acts as technical team lead for TPEIR data warehouse maintenance, reporting, programming, and web development projects. Specific job responsibilities include performing requirements analysis for data loading and reporting, developing report requirement specifications and prototypes, and designing/developing reports in an iterative development environment. This individual is responsible for complex data analysis; creation of source to target mapping; and writing complex computer programs for use in analysis, data loading, creation of data extracts, and quality assurance. In addition, this role analyzes, designs and develops graphical data and reports for web publication and designs and builds sub-projects for specific reporting purposes. The position works under minimal supervision with considerable latitude for the use of initiative, independent judgment, creative thinking, and planning. Please note that a resume and tailored cover letter are required attachments for applying to this position. Incomplete applications will not be considered. Additionally, please be sure to respond to the short answer prompts found in the supplemental questions. These responses should be added in a separate Word or PDF document in the attachments section of the application. Applicants who are strongly being considered for employment must submit to a national criminal history background check. ESSENTIAL FUNCTIONS: Performs requirements and data analysis. Develops and implements programs for data loading and quality assurance. Develops report requirement specifications and designs, develops, and maintains web reports. Creates source-to-target maps (STMs) and other technical documentation. Creates data extracts for information requests and performs quality assurance for data requests. Analyzes, develops, and publishes website content. Qualifications MINIMUM QUALIFICATIONS: Education: Graduation from an accredited four-year college or university. Major coursework in data processing, computer science, business administration or a related field is preferred. Experience: At least four (4) years of experience in performing computer programming, systems analysis, and data analysis work; using SQL, SAS, and business intelligence tools for data analysis, quality assurance, and report creation; and Crystal Reports and Microsoft Office products. OTHER QUALIFICATIONS: Superior attention to detail with an ability to produce high quality work in a dynamic, iterative environment. Prior experience with and knowledge of database and data warehousing concepts. Knowledge of state educational data sources including PEIMS, early childhood assessment data, teacher certification, Texas higher education, and TAKS/STAAR data. Experience with web development tools (.Net, c#, ASP, Microsoft Visual Studio). An aptitude for designing meaningful formatted educational reports for public use. Ability to analyze systems and procedures, to solve complex problems, and handle multiple projects. Excellent written and verbal communications skills enabling effective communications with technical and non-technical end-users. Self-starter who thrives in a high performing environment. Ability to engage in a collaborative, results-oriented team environment and to maintain cooperative working relationships with a variety of individuals and professional groups across functional units. A desire to self-reflect, give/receive feedback and continuously improve. No phone calls or emails, please. Due to the high volume of applications, we do not accept telephone calls and cannot reply to all email inquiries. Only candidates selected for interview will be contacted. As an equal opportunity employer, we hire without consideration to race, religion, color, national origin, age, sex, disability, or veteran status, unless an applicant is entitled to the veteran's preference. Additional Military Crosswalk (occupational specialty code) information can be accessed here . This position requires the applicant to meet Agency standards and criteria which may include passing a pre-employment criminal background check, prior to being offered employment by the Agency.
Texas Education Agency Austin, TX, USA Full-time


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Conflict, Chaos and Confusion
The Crisis in the International Trading System
William A. Kerr
Chapter 6: Dumping – One of Those Economic Myths
William A. Kerr
Senator Max Baucus, the highest ranking Democrat on the Senate Finance Committee, has sent a letter signed by 61 of the 100 U.S. senators to President Bush insisting that they would oppose any international trade agreement that weakened U.S. antidumping and other trade laws. US Embassy in Italy, 7 May 2001 1. ON MYTHS In popular culture there are what are known as urban myths.1 These are stories that are widely circulated and believed that, when subjected to close scrutiny and investigative research, are found to have no basis in fact. Another characteristic they share is that they tend to be persistent – parents are often mystified when their children relate as gospel an updated version of some long-forgotten story that was circulating when they were young. Frequently, the myth includes a mysterious bogeyman that adds to the tale's enduring appeal. Urban myths often transcend national and cultural boundaries. For the most part, urban myths are harmless diversions that entertain and, in their telling, provide a vehicle that facilitates social interaction. In international trade law, however, there is a similar phenomenon of mythical proportions – dumping. Unlike its relatively benign urban counterpart, this economic myth imposes substantial costs on firms that engage in international commercial transactions, on taxpayers, and on consumers in importing countries. It wastes resources by encouraging rent seeking and requiring the preparation of complex legal arguments by both those bringing a case and the accused who must defend themselves. It allows governments to harass foreign firms. It reduces the...
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From Smoky Eyes to Flawless Skin: 32 of the Best Skin, Hair and Makeup Looks Lately
Oh, man—it was so hard to pick a favourite from this batch of celeb beauty sightings! Ultimately, I went with Penélope Cruz, because it's a rare treat to see her on the red carpet these days, and she still looks as gorgeous as ever. Other top contenders for best beauty: Cate Blanchett, Rooney Mara, Zoey Deutch, Lily Collins, Amanda Seyfried, and the list goes on...
Here is the latest must-see hair and makeup:
Penélope Cruz
I truly think Penélope is one of the most beautiful women in the world. She is 41 now, but could easily pass for 10 years younger—that's how good her skin is! I just love her freckles, and she clearly knows what makeup works for her. Usually, as shown here, it's some combo of a nudey lip with defined lashes and smoky eyes, with dark arched brows to frame her face. The cute bangs and extra-fine highlights add to her youthful vibe. I can't praise this enough!
Rooney Mara
And now for something completely different, but equally special. Rooney's look is all about her flawless, flawless skin. Did I mention she has flawless skin? My goodness, it's out of this world—even with the shadows on one side, it's completely smooth, even and poreless. I just KNEW this was a Kate Lee makeup job, because who else does lashes, brows and lips to this seamless perfection? The lids are actually lilac, an unexpected pairing with the raspberry stain. By the way, you need to see her hairstyle from the back—wow!
Cate Blanchett
See what I mean about being spoiled for choice this week? Cate's look is making me swoon as well! (And is a huge improvement over last week's distracting pink blush.) I believe this is her Life Hairstyle, a smooth blonde mid-length cut with a deep side part and sweep of long bangs. I'm more into these peach tones on her than pink, and love the lipstick with matching blush. The smudgy eyes also work great with her heavy lid shape.
Zoey Deutch
Zoey is definitely one to watch! We're seeing a lot of her on the red carpet lately, and I've got two looks to show you here. This first one features clean eyes with sheer, medium-pink lips and a messy low ponytail. Love her dark brows, which are full but still groomed. I also dig her hair colour, which picks up on the tones in her eyes.
Zoey's second look is a variation on the first, with her hair in an updo this time, and a more intense, slightly reddish lip colour. She added a bit of taupe shadow as well, almost up to her brows. This is my kind of hair and makeup! Simple, fresh, enhances her natural beauty, but not heavy at all.
Lily Collins
I always love seeing Lily. She is getting quite into these vampy lipsticks lately, and this one is even more dramatic than the last. She pulls it off well, with her pale skin, enormous brows, flick of liner and fluffy lashes. (Perhaps a bit more concealer along the upper lip area would be a help, though.) Looks like she got rid of her extensions, or maybe just cut them shorter.
Amanda Seyfried
So I would put Amanda Seyfried on that list of the world's most gorgeous women, right alongside Penélope Cruz. I just can't get over how little makeup she needs, and her insanely beautiful hair! Here, it has been styled into bouncy, retro-inspired waves, all combed to one side with a little swoop at the part. It adds just the right amount of polish to her subtle, shimmery makeup.
Sarah Shahi
Hooray for big smiles on the red carpet! Sarah looks like she is having fun, but that's not the only reason she is one of my faves this week. I love her au naturel skin and lashes, and her healthy, thick mane of hair. I suppose her lips are au naturel, too, but I think whatever she was wearing just wore off, as you can still see traces of lip liner.
Alessandra Torresani
How cute, right? Alessandra is new here, and I think this platinum blonde is a great look for her. (Go and Google Image Search her and OMG, you won't even recognize her as a brunette!) Of course, the lashes are way too much, but there's something about her flushed cheeks, peach lips, dark brows and light hair that is doing something for me. She also matches the La Mer jars in the background!
Selena Gomez
Nothing groundbreaking here from Selena, but I thought this was a pretty and way more natural look than we're accustomed to seeing from her. Well, except for the false lashes, which appear to be on the top and bottom, if I'm not mistaken. Weirdly, I don't hate them. I think it's the fluffy texture that makes all the difference.
Jane Levy
Love Jane's cool-girl beauty vibe here. (Wouldn't you rather see stuff like this than the pounds of makeup so many other starlets wear?!) The focus is on the amazing pink lipstick, with dewy-fresh bare skin and mascara. That's it! Hair has the new air-dried texture, with a deep side part to define the style.
Bella Hadid
I had to check to make sure this wasn't the same photo of Bella from her Before & After. It's not. She just styled herself almost exactly the same way. Well hey, it works—her skin, lips and brows look great. That's why she gets away with the bolder false lashes; everything else is restrained and simple.
Olivia Wilde
This one's a bit unexpected for Olivia, who usually wears her hair down and her makeup in more silvery/smoky tones. But I like it! The bold gold lids look cool with the matte red mouth, and her hair in the high ponytail (along with the natural lashes) keeps it from looking overdone.
Amber Heard
Is it just me or has Amber been on this press tour with Johnny Depp for a million years?! Anyway, at this latest premiere, she wore an unusual shadow idea, where it extends out in what looks like two lines. Then there are false lashes at the outer corners adding to the effect. I don't love it, but I don't hate it. Hair could be brushed out some more, also.
Rachel Bilson
We haven't seen Rachel in ages! She is so cute, and was born to wear pale lip-dark eye makeup combos like this one. The pink is super-pretty with her brown eyes and freckles. What I would change is the hair. Her ends look a bit stringy, so I'd love to see them more blunt. And I feel this colour is just too dark for her.
Kate Hudson
Kate is another one that we rarely get to see. I like what she is doing here! The rich berry lipstick is great with her loose, Boho-textured blonde hair and natural eye makeup. Wonky false lashes would've ruined this for sure! A few skin issues, but no big deal.
Sienna Miller
Technically, I like it. Sienna's makeup is really good—simple, understated, well-blended—and her hair has her signature texture. She never looks like she is trying too hard. But I dunno... there's something about this that is lacking vitality, you know what I mean? I wonder if a darker, less brassy hair colour would be kinder to her complexion. And if she is fake-tanning, she might want to ease up on that. The September 2007 Vogue cover was her best look, IMO.
Ruth Wilson
What I like about Ruth's look is her hair. The warm tone and the highlights are SO good, aren't they? This is a rare example of an in-between hair colour (it's a little bit blonde, red and brown), and how lighter isn't always more flattering. I also love her flushed peach cheeks and soft, shimmery eyes.
Emily Blunt
I'm so glad Emily is lightening up her makeup, compared to the blush placement incident of 2014. Her colouring is so delicate, she can only handle one bold element at a time—like these fuchsia pink lips, for example. The rounded application is awesome, and it's just enough with lashes and blush. I also really like her brushed-out, undone updo.
Jennifer Morrison
I think Jennifer looks best with her hair up, and where most would fail at this '40s-inspired rolled updo, she totally shines. She is wearing it and not vice-versa. I like that her makeup isn't heavy, as that would quickly take the hairstyle into costume territory. I'm okay with the lashes, and the subdued berry lip colour is perfect.
Elizabeth Banks
Isn't it great that Elizabeth chose a hot pink—not a red—to go with her outfit? So fun! Contour is still a bit muddy, but otherwise I do like her makeup; the lashes and the taupe shading are both good. Hair is in a classic blowout with a slight '60s flip to the ends.
Brie Larson
Okay, Brie is totally growing on me lately. She has such a great smile here; so genuine! I'm also into the flash of purple along her upper lash lines, and the shimmery peach lipstick. I love fun little touches like that! With so much going on in her dress, her hair needed to be simple, straight and tucked behind both ears.
Lucy Hale
Lucy is adorable, even if she wears a bit too much makeup. If she lost the false lashes and toned down the blush, this would be perfect. I love her dark brows and her green eyes—such striking colouring! The soft lip tint is super-pretty, and her hair texture is fab.
Carey Mulligan
Bit too much makeup on Carey also. There are some people I never want to see false lashes on, and she is one of them. Feels wrong, doesn't it? Same goes for the harsh red lipstick—if it were blotted down, it would be much better. Go here to see a much more natural-looking Carey, a few months ago.
Jessica Szohr
Jessica looks good here. I appreciate the light hand on the makeup, with dark lashes and flushed pink lips and cheeks. You definitely notice her pretty blue eyes. Hair colour and style are a little dated, but not bad.
Gwyneth Paltrow
Gwyneth's roots look a bit better than last week at Power of Women, and so do her lashes! They're still fake, but less fake. I do think the smudgy liner-soft lipstick thing works for her, but maybe not her foundation. I get that she doesn't want to look heavy/powdery, which is aging, but I feel something could be found that perfects her skin more, so that it doesn't appear so ruddy/shiny. Also, why are her eyebrows red??
Maria Menounos
Like I keep saying, we are living in strange times when Maria is one of the more inspiring peeps on the red carpet! Honestly, she is looking really, REALLY good these days. Her hair, especially. The colour and texture are sexy as hell and I would like to copy them immediately. Her eyelash game is improving, too, and her lips aren't nearly as goopy as before. Good job Maria!
Victoria Justice
Victoria is on the red carpet every week. How on earth does she manage it?! I think this look is one of her best, even if it is twice as much makeup as I'd normally advocate. She just wears a red lip SO well. The blush is perfect; it's in the same tonal family but doesn't look clownish at all. The lashes are too much, but what else is new with her?
Krysten Ritter
Krysten looks a bit less polished here compared to the last time we saw her, or perhaps it's the lighting. I like the thick black eyeliner on her upper lash lines, no flicks, and the natural mascara. Just think her skin could be perfected more, and maybe a bolder lip choice. I always think she looks best in reds.
Sarah Hyland
No, Sarah does not need anywhere near this amount of makeup. But maybe we're getting somewhere, because at least it is not her usual glittery, heavily contoured action? I love the idea of big lips and big brows... she just didn't need the cat eyeliner with it. I also like seeing her bob straight instead of so textured. But eeks, those highlights are too light and streaky! Would've looked better to have it all dark and sleek with such strong makeup.
Chrissy Teigen
Chrissy was so heavy-handed here, too. Well, always! I especially don't get this, since she is a model, after all. If anyone could show off their natural assets, it would be her. Anyway, wipe off the shimmery brown cheeks, and we'd get somewhere. I love the brownish lip tone, and even the shimmery gold smoky eyes are nice. Plus, she looks good with her hair brushed back off her face.
Jessica Chastain
Last up is Jessica. She is a goddess, but I do NOT understand what is happening with her eyebrows! Come on! I'm all for filling in to correct the shape, but this is just crazy. How can she not know? I swear, a female makeup artist would never do this to someone. Fortunately, her skin, lipstick and retro hairstyle are all gorgeous.
Who had your favourite beauty look lately?