From: Sarah G. Anderson
Sent: May 15, 2006
Subject: File No. SR-NASD-2003-158

Gentlemen: As a securities lawyer who represents customers in cases against broker dealers, being mindful of the impact that the revised arbitration code will have on my clients for many years to come because they are required to arbitrate under their customer agreements, I strongly disagree with the NASD's request that the SEC approve the revised Code of Arbitration without giving the public the right to view the proposed revisions and comment on them. I hope that you will reject this improper request and post the changes so all interested parties can be allowed to comment. Very truly yours, Sarah G. Anderson