From: William F. Marshall
Sent: April 11, 2005
Subject: File No. SR-NASD-2005-004

In reference to the above File number proposing the NASD to require Registered Principals to attend an annual Compliance Meeting, I am very much against the change because First Winston Securities, Inc. is a small firm and the change would impose an undue hardship both in time and monetarily. It would require three of a total of five salespeople to be out of the office at once and would create a loss of revenue for the firm.

Please take this comment into consideration.

William F. Marshall

First Winston Securities, Inc.
121-E Reynolda Village
Winston-Salem, NC 27106
phone: 336-761-1900