Subject: File No. SR-NASD-2005-079
From: seth e lipner
Affiliation: Prof. of Law, Zicklin School of Business Member, Deutsch Lipner

December 6, 2006

I write regarding the NASD's submission of its 4th amendment to the proposed subpoena rule.

The SEC should approve the rule for immediate implimentation. The subpoena abuse problem documented in earlier comments persists. The NASD proposal will stop it.

The NASD's latest filing demonstrates that the new rule is beneficial, and there is no substantial opposition to it. There is thus no reason for the Commission to seek further comments.

Thank you for this opportunity to comment.

Seth E. Lipner