From: Richard M. Layne
Sent: May 13, 2006
Subject: File No. SR-NASD-2003-158

Securities and Exchange Commission
Washington D. C.
Via email
Re: SR-NASD-2003-158

Dear Sir:

I recently learned that the NASD has filed Amendment No 5 to the Arbitration Code rewrite, Filing 2003-158.

The most recent filing includes major changes from the previous amendment. Many of these changes will have a material effect on public investors who are required to participate in the NASD arbitration process to seek damages from NASD member firms.

This is an area of great concern to the public investors who participate in the NASD's arbitration process and a large number of comments have already been received on the previous changes. Because the new changes are not simply clean up of language but are material changes to the Arbitration Code, I request that the SEC commence a new comment period to allow public investors an opportunity to address the changes proposed in this new filing.

Very truly yours,

Richard M. Layne
Layne & Lewis LLP
111 SW Columbia St, Ste 1000
Portland, Oregon 97201
Ph: 503-295-1882
Fax: 503-295-2057