SR-NASD-2003-091

Series 23 Examination Program

NASD has filed with the SEC a proposed rule change relating to the new General Securities Principal Sales Supervisor Module (“Series 23”) examination program. NASD is proposing to accept the General Securities Sales Supervisor (“Series 9/10”) examination as an acceptable qualification alternative to the General Securities Principal (“Series 24”) examination for associated persons who are required to register and qualify as Series 24 principals with NASD, provided that such persons also pass the proposed Series 23 examination, which covers material from the Series 24 examination not otherwise covered under the Series 9/10 examination.