SR-NASD-2004-123

Proposal to Delete Rule Series 3400 and IM-2210-4(b) as Obsolete

NASD has filed with the SEC a proposed rule change to delete as obsolete IM-2210-4(b) (Certification of Membership) and Rule 3420 (Mandatory Decimal Pricing Testing). NASD has designated this proposal as non-controversial, in that the proposed rule change does not significantly affect the protection of investors or the public interest and does not impose any significant burden on competition. NASD requests that the Commission waive the 30-day pre-operative waiting period contained in Exchange Act Rule 19b-4(f)(6)(iii), since the provisions of Rule 3420 and IM-2210-4(b) are no longer applicable. If such waiver is granted by the Commission, this rule proposal, which is effective upon filing with the Commission, shall become immediately operative pursuant to SEC Rule 19b-4(f)(6) with an effective date of August 10, 2004.