From: C.W. Austin, Jr.
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

Dear Madam or Sir:

The NASD recently requested "Accelerated Approval" of its 5th amended version of the above-referenced rule filing. Given the significant substantive changes represented by this most recent amendment and the fact that any revised Code of Arbitration Procedure will likely impact retail securities customers for many years to come, it is inconceivable that the SEC would consider approving this filing without allowing for an appropriate opportunity for public comment. The purpose of this e-mail is to request that you reject the NASD's request for Accelerated Approval, publish this most recent version of the rule filing in the Federal Register and allow for a public comment period commensurate with the significance of the NASD's proposed changes.


C.W. Austin, Jr.
379-3121 FAX