From: Bruce E. Baldinger
Sent: May 16, 2006
Subject: File No. SR-NASD-2003-158

Dear Sirs:

I wish to note my opposition to the NASD's request for Accelerated Approval of Rule Filing SR-NASD-2003-158.

Any efforts to attempt to create a rule-making process without the public's ability to participate therein - particularly one which is manated and imposed upon them - could be construed as surreptitious. And may well be so.

This impact of this process is to critical to do it "behind closed doors". It looks bad for the industry and could easily lead to abuse.

Very truly yours,

Bruce E. Baldinger
Levine & Baldinger, LLC
991 Rt 22 West
Bridgewater, NJ 08807
(908) 218-0060