From: Angela H. Magary
Sent: May 31, 2006
Subject: File No. SR-NASD-2003-158

Dear Sir or Madam:

I write to request that the SEC deny the NASD's request for accelerated approval of the NASD's proposed changes to the Code of Arbitration Procedure. The document offered by the NASD as its Amendment 5 to the above-referenced rule change is 350 pages long. There must be an opportunity for the public and all parties potentially affected by the changes proposed by the NASD to review the proposed changes in order to ensure fairness in the approval process. Many of the proposed changes result from suggestions the NASD offers in response to comments submitted regarding the previous rule change submission. A unilateral approval of the NASD's own determination of the proper resolution of the issues previously raised should not be permitted. The opportunity for further public comment, or at least review, is appropriate, particularly in light of the size of the document offered. The NASD's request for accelerated approval should therefore be denied.

Thank you for your courtesy and consideration.


Angela H. Magary
Brickley, Sears & Sorett
75 Federal Street
Boston, MA 02110