From: Steven M. McCauley, Esq.
Sent: May 16, 2006
Subject: File No. SR-NASD-2003-158

Dear Sirs:

I write to object to the NASD's requestfor Accelerated Approval of Rule Filing SR-NASD-2003-158.

This filing relates to a proposed new Code of Arbitration Procedure. Since investors are compelled into arbitration to resolve any and all disputes which may arise against their registered representatives and broker-dealers, the proposed Rule change will have a long-lasting impact on potentially millions of participants in the financial markets. As such, any proposed change to the Code of Arbitration must be accompanied with the opportunity for the investing public to comment on these changes which directly or indirectly will impact them.

Stated simply, the Code of Arbitration Procedure is too important to allow expedited amendments without ample opportunity for public comment.

Steven M. McCauley, Esq.
Charles C. Mihalek, P.S.C.
510 First National Building
167 West Main Street
Lexington, KY 40507
(859) 233-1805 Phone
(859) 233-7994 Facsimile