Proposed Rule Change to Amend NASD Rule 5110 and to Make Technical, Non-Substantive Changes to Certain Other NASD Rules Amended by Approved Rule Change SR-NASD-2005-087

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to (1) amend NASD Rule 5110 to clarify that the rule is applicable to both Nasdaq and non-Nasdaq exchange-listed securities; and (2) make technical, non-substantive changes to certain other NASD rules that were amended by proposed rule change SR-NASD-2005-087. Rule 5110 and the other amendments to NASD rules proposed by SR-NASD-2005-087 will become effective on the date upon which The Nasdaq Stock Market LLC (the "Nasdaq Exchange") operates as a national securities exchange for Nasdaq-listed securities. Currently, that date is projected to be August 1, 2006.