From: William P. Torngren
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

Via E-mail

Securities and Exchange Commission
Washington, D.C.

Re: SR-NASD-2003-158

Dear Secretary:

On May 4, 2006 the NASD announced on its website that the filing of Amendment No 5 to the Code of Arbitration Procedure rewrite (Filing 2003-158). The NASD’s latest filing includes substantial changes from the last amendment. These changes will impact public investors for years to come.

Moreover, numerous comment letters previously were submitted demonstrating the concerns of the public and impact of the NASD’s efforts to rewrite the Code of Arbitration Procedure.

In view of the importance and potential future impact of the rewrite, a new comment period is needed to assure that the issues raised by the latest filing are fleshed out fully. Thank you.

William P. Torngren
117 J Street, Suite 300
Sacramento, CA 95814
Telephone: (916) 554-6447
Facsimile: (916) 554-6445