Subject: SR-NASD-2003-158
From: Debra G. Speyer, Esq.
Affiliation: Law Offices of Debra G. Speyer

July 14, 2005

I write to oppose any change in the Arbitration Code of the NASD that would permit Motions to Dismiss to be Granted by the Panel prior to an in person evidentiary hearing in which a claimant has been given the opportunity to make opening statements, direct exam of witnesses, cross examination of witnesses and closing statements.

Debra G. Speyer, Esq.
Law Offices of Debra G. Speyer
Two Penn Center Plaza, Suite 200
Philadelphia, PA 19102
215 238-1980