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To: steve goldman who wrote (1281)	9/7/1998 8:13:00 PM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 3216

Steve, I might as well get in on this one. I would think that Nasdaq regulations are rules that apply to Nasdaq members, they are not laws. They would apply to brokers, not clients of brokers. For example, do you think Nasdaq or anyone could expect my grandmother, who has a Fidelity account, to know or care much about Nasdaq regulations? What law gives Nasdaq any authority over investor/clients? I can't imagine how anyone but brokers would have any responsibility for adhering to those regulations. Just my thoughts. Bill

To: steve goldman who wrote (1281)	9/7/1998 9:01:00 PM
From: gbh	Read Replies (2) \| Respond to of 3216

Steve, it surprises me that you feel its the customer's responsibility to know the Nasdaq rules. Is this ALL rules, or just some? Certainly in the case of the short sale rule, if the broker allowed it, the customer could easily plead ignorance. And is prosecution really likely? I can't see this at all. When the SEC, or NASDAQ, or whoever, decides to enforce this rule, brokers will comply, and the practice will stop. It seems that simple to me. Thanks. Gary