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SR-NASD-2003-176

Chief Executive Officer and Chief Compliance Officer Certification Proposal

NASD has filed with the SEC a proposed rule change to establish NASD Rule 3013 and accompanying Interpretive Material ("IM") 3013 to require each member to designate a chief compliance officer ("CCO") and further require the member’s chief executive officer ("CEO") and CCO to certify annually to having in place a process to establish, maintain, review, modify, and test policies and procedures reasonably designed to achieve compliance with applicable NASD rules, MSRB rules and the federal securities laws.