Subject: File No. 4-500
From: Sheila Reilly

June 12, 2005

I concur that NASD arbitrators should be encouraged to research the law.

As an arbitrator, I have experienced pressure from the NASD office to submit the award quickly after the hearing regardless of my expressed desire to read the applicable law (at no further cost to NASD). In one case one day after the hearing closed, NASD officials told me to come into the office and sign NASD's rendition of the award. I insisted on my wording as concurred in by the other two arbitrators. Since then I have not been selected since for an arbitration. I do not think that my name is being sent out by NASD.

When I once suggested to the NASD that its rules be available to the arbitrators either by print or by web site at the NASD office, I was met by wonderment on why I would suggest such a thing.

Sheila Reilly, Chicago