From: Thomas Quarles, Jr., Esquire
Sent: May 16, 2006
Subject: File No. SR-NASD-2003-158

Dear Sir:

On May 4, 2006 the NASD announced on its website that it had filed Amendment No. 5 to its Code of Arbitration rewrite, Filing 2003-158. This filing includes substantial changes from the last amendment to the rewrite which will materially and adversely affect investors. The NASD is requesting accelerated approval to avoid the necessary public comment period. This is an unacceptable request given the scope and changes in the NASD’s proposed code revisions. Based on the scores of comment letters already received on the NASD’s proposal it is clear that this is an area of great concern to the public. I therefore ask that the SEC commence a new comment period to allow public input on this important new filing.

Thank you for your consideration.

Thomas Quarles, Jr., Esquire
Devine, Millimet & Branch, P.A.