From: Jay H. Salamon
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

To the Securities and Exchange Commission:

I ask the SEC to reject the NASD's request for "Acclerated Approval" of Rule Filing SR-NASD-2003-158. The NASD's proposal should be published for public comment. It is inappropriate for NASD to attempt to bypass the public and, in effect, to amend its prior rule proposal by way of "explanatory text." Such explanatory text is nothing more than a disguised definitional section intended to suggest the meaning of terminology used in the proposed rule. Material of that type is sufficiently important to warrant feedback from those who may have an interest.

Very Truly Yours,

Jay H. Salamon


Jay H. Salamon
Hermann Cahn & Schneider LLP
1301 East Ninth Street, Suite 500
Cleveland, Ohio 44114-1876
Telephone: 216.781.5515
Fax: 216.781.1030