Proposed Rule Change to Section 5 of Schedule A to the NASD By-Laws

NASD has filed with the SEC a proposed rule change to amend Section 5 of Schedule A to the NASD By-Laws to clarify that two or more members that are under substantially the same ownership or control (commonly referred to as a "simultaneous filing group" or "SFG") may eliminate certain duplicate fees and assessments and to remind members to provide NASD with prior notice in the format specified by NASD if they wish to establish eligibility for the reduced fees. SR-NASD-2003-194 replaces, in its entirety, File No. SR-NASD-2003-187.