Amendments to Schedule 4 to the NASD By-Laws (Fees for Qualification Examinations)

NASD has filed with the SEC a proposed rule change to amend Section 4 of Schedule A to the NASD By-Laws ("Schedule A") to establish examination fees that shall be assessed persons taking various qualification examinations as of January 1, 2005. The proposed rule change also lists the examination fees that NASD will publish in Schedule A regardless of whether the current examination fee will increase.