SR-NASD-2004-003

To Establish Effective Date For Recently Amended Provisions of NASD Rule 2711(h)(2)

NASD has filed with the SEC a proposed rule change to establish April 26, 2004, as the effective date for the recently amended provisions of NASD Rule 2711(h)(2) that require certain disclosures by members and research analysts of compensation received by the member or its affiliates from the subject company of a research report or public appearance.