prompt basis.  Under limited circumstances it may be appropriate

to delay the publication of individual requests for relief for

reasonable periods of time to address legitimate competitive

concerns.

IV.

Licensing and New Product Procedures

A.

Procedures for licenses and introduction of new securities products and

services.

1.

Criteria governing licensing of firms and the introduction of new

securities products and services by firms should be in writing and

accessible, and should be the basis on which decisions are made.

All regulations and related explanatory materials governing the

consideration and issuance of licenses to firms and the introduction

of new securities products and services by firms should be reduced

to writing and made publicly available to potential applicants upon

request.  No licensee should be denied a license, and no new

securities product or service should be prohibited, on the basis of

any factor not identified in such written regulations or

explanations.

2.

The introduction of new securities products and services by firms

should be governed by the standards set forth in relevant rules and

regulations.  Where particular requirements are established in

connection with the introduction of a product or service, such

requirements should govern the introduction of complying

products and services.  In order to promote flexibility and

efficiency in the capital markets, such standards and requirements

should enable firms, to the maximum possible degree consistent

with principles of prudence and investor protection, to introduce

complying new products and services on the basis of sound

internal procedures for compliance without additional regulatory

review.

3.

Information supplied by applicants as part of an application

process should be treated confidentially.  Such information should

be disclosed only in accordance with existing rules permitting

public disclosures, such as those that may be triggered by the

granting of a license or product approval.

4.

Regulators should promptly review all applications by firms for

licenses and required product or service approvals and should

inform the applicant of any deficiencies.  No application for a

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