SR-NASD-2004-017

Series 86/87 Examination Program

NASD has filed with the SEC for immediate effectiveness a proposed rule change relating to the new Research Analyst Qualification Examination (Series 86/87) program. The Series 86/87 examination program is proposed in connection with NASD Rule 1050, which requires all persons associated with a member who function as research analysts to register with NASD and to pass a qualification examination for research analysts specified by NASD.