From: Wayne M. Josel
Sent: July 13, 2005
To: rule-comments@sec.gov
Subject: File No. SR-NASD-2003-158


As an attorney actively engaged in practice in arbitrations administered by the NASD and a member of the Public Investors Arbitration Bar Association (“PIABA”), I whole-heartedly endorse the Comments to Reorganization and Revision of NASD Rules Relating to Customer Disputes submitted on behalf of the PIABA membership by Rosemary Shockman and Robert Banks in their letter to Jonathan Katz, dated July 13, 2005.

Wayne M. Josel
KAUFMANN, FEINER, YAMIN, GILDIN & ROBBINS, LLP