From: Scott Silver, Esq.
Sent: May 17, 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.

This filing relates to a proposed new Code of Arbitration Procedure. These proposed rules making several substantive changes to the present Code. These changes are not in the customers best interest and will negatively impact the arbitration process and the investor’s trust in the process. The investing public must be given an opportunity to address these proposed changes.

Stated simply, the Code of Arbitration Procedure is too important to allow expedited amendments without ample opportunity for public comment.

Scott Silver, Esq.
Blum & Silver, LLP
12540 W. Atlantic Blvd.
Coral Springs, FL 33071
ph. (954) 255-8181
fax (954) 255-8175