A new registration category has been established on Web-CRD for individuals who are acting in the capacity of proctors for their company's in-firm delivery of the Regulatory Element. This registration category will be represented by the abbreviation IF and will be available upon a new release of Web-CRD, on or about October 21, 2002.

Individuals who are responsible for proctoring their company's in-firm delivery of the Regulatory Element must be registered with the Exchange as an IF. However, this registration category does not have a qualification examination requirement. The member organization must continue to have a registered principal/officer in-charge to be responsible for the in-firm delivery of the Regulatory Element and must adhere to the administration criteria, specified in the Summary of Requirements and Procedures for In-Firm Delivery of the Regulatory Element. These requirements may be found at the Securities Industry Regulation Council's website, www.securitiescep.com, or see NYSE Information Memo 01-6.

IF registration does not have a Regulatory Element continuing education requirement, provided the person is not registered in any other capacity which carries its own continuing education requirements.

Further, member organizations are reminded that Letters of Attestation, signed by the principal/officer responsible for the in-firm delivery of the Regulatory Element must be filed annually with the Exchange.

Questions about the Continuing Education Program should be directed to Roni Meikle at (212) 656-2156 or Pat DeVita at (212) 656-2746.