Subject: File No. 4-502
From: Howard Winant

June 1, 2005

To: The SEC
Fr: Howard Winant
Sub: Petition for Rulemaking (SEC File No. 4-502)
Date: June 1, 2005

This Petition for Rulemaking points out many severe problems with securities industry-sponsored arbitration.

NASD arbitration needs a review. This Petition contains requests that are worthy of consideration and contains serious allegations that should be thoroughly investigated.

Thank you for your consideration.

Howard Winant