SR-NASD-2003-201

Amendments to Schedule A of the NASD By-Laws to Adjust the Trading Activity Fee Rate and Add TRACE-Eligible and Municipal Securities as Covered Securities

NASD has filed with the SEC a proposed rule change to amend Schedule A of the NASD By-Laws to adjust the Trading Activity Fee ("TAF") rate for covered equity securities; to reduce the maximum per trade charge on covered equity securities; and to assess the TAF on corporate debt securities that, under the Trade Reporting and Compliance Engine ("TRACE") rules, are defined as "TRACE-eligible securities" and municipal securities subject to the Municipal Securities Rulemaking Board ("MSRB") reporting requirements.