From: Kirk Reasonover, Esq.
Sent: May 16, 2006
Subject: File No. SR-NASD-2003-158

Dear Sirs:

I write to object to the NASD's request for Accelerated Approval of Rule Filing SR-NASD-2003-158. Investors are required to resolve the majority of their disputes through mandatory arbitration, and a full opportunity for public comment should be allowed prior to the approval of important changes to the procedures applicable to such disputes.

Best regards,

Kirk Reasonover

Kirk Reasonover, Esq.
Smith & Fawer, L.L.C.
201 St. Charles Avenue, Suite 3702
New Orleans, La. 70170
Direct Telephone (504) 525-2268
Facsimile (504) 525-2205