Proposed Rule Change to Delay Implementation of Certain NASD Rule Changes Approved in SR-NASD-2005-146

NASD is proposing to delay until November 26, 2007 the approved rule changes in SR-NASD-2005-146 that relate solely to the expansion of the scope of IM-2110-2 to OTC equity securities and the related deletion of Rule 6541. Certain other rule changes that were approved as part of SR-NASD-2005-146 will still become effective as scheduled on July 26, 2007.