Directives, Practice Notes and Circulars may only be used in the manner and for such purposes as expressly contemplated under this Rules. "Directives" are binding notices directing Clearing Members to take corrective or other actions in light of investor protection concerns; "Practice Notes" are non-binding guidelines that seek to explain the application and interpretation of a Rule; "Circulars" are binding notices issued by the Clearing House regarding regulatory and non-regulatory matters pertaining to Clearing Members.

Added on 27 March 200627 March 2006.