From: Michael J. Willner, Esquire
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

To: Secretary, Securities and Exchange Commission

I an attorney and often represent investors. Our firm has represented many investors in NYSE and NASD arbitration proceedings.

I write to request that the SEC commence a new comment period to allow public input on proposed Amendment No. 5 to the code rewrite, Filing 2003-158. In my view, this filing implicates potentially important changes that could have an impact on investors and the fairness of the arbitration process.

This is an area of importance to the integrity and fairness of SRO arbitration. Public comment should be encouraged and a comment period permitted.

Thank you for your consideration.


Michael J. Willner, Esquire
Miller Faucher and Cafferty LLP
One Logan Square, Suite 1700
Philadelphia, PA 19103
(215) 864-2800