Proposed Rule Change to Provide an Exemption From the Research Analyst Qualification Examination for Certain Associated Persons

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend NASD Rule 1050 to create an exemption from the Research Analyst Qualification Examination (Series 86 and 87) for certain research analysts employed by foreign affiliates of a member who contribute to the preparation of a member's research reports.  The proposed rule change also makes one non-substantive change to Rule 1050 to correct a spelling error.