From: A. Daniel Woska, Esquire
Sent: May 12, 2006
Subject: File No. SR-NASD-2003-158

Secretary Securities and Exchange Commission Washington D. C. Via email Re: SR-NASD-2003-158

Dear Sir:
On May 4, 2006 the NASD stated on its website that it had filed Amendment No. 5 to the arbitration code rewrite, Filing 2003-158.

This filing includes substantial changes from the last amendment to the rewrite which will materially affect public customers who have exactly ")" voice in what you are proposing. There can be no real argument by anyone that the interest of public customers who are affected by the changes proposed should be considered. It is my understanding the Public Investors Arbitration Bar Association was NOT consulted at anytime before this proposed change was published. I find PIABA's exclusion from this process both discouraging and unfair to the best interest of the investing public.

Based on the scores of comment letters already received on the rewrite it is clear that this is an area of great concern to the public. Unfortunately the way you and your administration are handling this matter there is no meaningful due process of law and may very well be constitutional violations involved in the public customer's inability to address issues which may ultimately cut off their rights to a full and fair hearing of any type regarding claims against brokerage houses. Hopefully, this is not being done to protect the interests of the rich and the elite who run the brokerage houses as the rule change could end up causing the brokerage houses to be able to retain monies that might otherwise be awarded to public customers who had a full hearing in front of an unbiased and honest panel of arbitrators.

I ask that the SEC commence a new comment period to allow public input on this important new filing. I also ask that PIABA representatives be allowed to speak on behalf of public customers before rules of this type are put up for approval. You will continue to "appear" to disenfranchise tax paying public customers who have legitimate claims against brokerage houses and who are forced into this arbitration process by not requesting their input.

Thank you for your consideration

"Men are more ready to sacrifice their lives than their livelihood; and to sacrifice their own importance often comes hardest of all." B. H. LIDDELL HART (1895-1970)

A. Daniel Woska, Esquire
Woska & Hayes, LLP
120 N. Robinson, Suite 2618
Oklahoma City, OK 73102