SR-NASD-2003-147

Amendment to the Delegation Plan to Remove NASDAQ Representation of NASD under the UTP Plan

NASD has filed with the SEC a proposed rule change to amend NASD’s Plan of Allocation and Delegation of Functions by NASD to Subsidiaries ("Delegation Plan") to remove The Nasdaq Stock Market, Inc.’s ("NASDAQ") representation of NASD in the NASDAQ/Unlisted Trading Privileges Plan ("UTP Plan").