Proposed Amendment to Section 4 of Schedule A to NASD By-Laws to Increase Certain Qualification Examination Fees

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend Section 4 of Schedule A to the NASD By-Laws ("Schedule A") to increase examination fees that shall be assessed on persons taking certain qualification examinations as of January 1, 2006.