From: Jan Graham
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

To the SEC:

Please note my strong objection to the NASD's request for "Accelerated Approval" of Rule Filing SR-NASD-2003-158. Public comment is essential; these rules will have a tremendous effect on public investors for many years to come. Please publish the NASD's proposal for public comment.

I am an attorney and my work is exclusively the representation of investors before the NASD.

Thank you.

Jan Graham
Graham Law Offices
801-596-9299 Fax
150 S. 600 East Suite 5B
Ambassador Plaza
Salt Lake City, Utah 84102