From: Donald A.W. Smith, Esq.
Sent: May 17, 2006
Subject: File No. SR-NASD-2003-158

Dear Sir:

I understand that the NASD has filed Amendment No 5 to the Code rewrite, Filing 2003-158. This filing includes substantial changes from the last amendment to the rewrite and will materially affect investors. 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. I therefore ask that the SEC commence a new comment period to allow public input on this important new filing.

Thank you for your consideration.

Donald A.W. Smith, Esq.
16 West Main Street, Suite 112
Rochester, NY 14614