From: J. Pat Sadler []
Sent: Tuesday, May 16, 2006 10:44 AM
To: Gonzalez, Lourdes
Subject: File No. SR-NASD 2003-158

Ms. Gonzalez:

I share the concerns and frustration of my colleagues in PIABA over Amendment No. 5to the proposed revisions to the NASD Code of Arbitration Procedure, and strongly oppose the NASD's request for accelerated approval. NASD's suggestion that it received approval from investor representative groups is puzzling to me and to PIABA as we were never contacted about this amendment.

As a public member of SICA, I have long been concerned that NASD has chosen to rewrite its arbitration code without the involvement of SICA.
I am now concerned that NASD wants no input from users of its arbitration system.

Pat Sadler