SR-NASD-2004-159

Proposed Rule Change to Allow NASD to Review on a Pilot Basis Denial of Access Complaints Related to the Alternative Display Facility

NASD has filed with the SEC a proposed rule change to establish on a pilot basis new Rule 4400A, which would give NASD the authority to receive and review complaints against NASD Alternative Display Facility (“ADF”) market participants that allege denial of direct or indirect access required pursuant to Rule 4300A.