Subject: File No. SR-NASD-2005-030
From: Sandra T. Masek Ray, CRCP
Affiliation: Rhodes Securities, Inc. - Exec Vice Pres/Chief Compliance Officer

June 23, 2005

As Chief Compliance Officer of a small broker dealer who also handles all the licensing and registrations for my IC Reps, I am in favor of any plan to streamline any process and eliminate duplicative filings and procedures. My firm is licensed in all 50 states and D.C., so the overlapping of regulation can sometimes be quite burdensome. In my opinion, the advantages of having CRD be the securities industrys electronic warehouse from which all the players can deposit and withdraw information about each other are pretty obvious. This new filing of one form with the NASD from which the states can glean the branch office information would be extremely welcome in my office......