Proposal Relating to Implementation of Certain Approved NASD Rule Changes Upon the Operation of the Nasdaq Stock Market LLC for Non-Nasdaq Exchange-Listed Securities

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to (1) provide notice that the amendments to the Rule 4700 Series that were approved pursuant to SR-NASD-2006-104 will not be implemented; (2) implement certain amendments that were approved pursuant to SR-NASD-2006-104 upon the operation of the Nasdaq Stock Market LLC (the "Nasdaq Exchange") as a national securities exchange for non-Nasdaq exchange-listed securities; and (3) propose additional changes that were not approved pursuant to SR-NASD-2006-104, specifically, the deletion of the Rule 4700 Series and Rule 5150. All other rule changes that were approved pursuant to SR-NASD-2006-104, and were not implemented pursuant to SR-NASD-2006-135, will be implemented upon the operation of NASD's Alternative Display Facility ("ADF") for non-Nasdaq exchange-listed securities, as approved by the SEC on September 28, 2006.