This report, issued in 1993, presents the results of a review of the National Association of Securities Dealers' efforts to reduce fraud and abuse in the penny stock market. The review studied the Association's enforcement and oversight activities in this market. This report discusses changes to the Association's oversight procedures for broker-dealers who conduct business in penny stocks. It recommends improvements in the Association's procedures for informing investors of broker-dealers' disciplinary and arbitration award history and for examining branch offices. It also discusses listing and delisting practices of the Association and stock exchanges. Charts and tables. This is a print on demand edition of an important, hard-to-find report.