SR-NASD-2005-021

Guidance Regarding Members' Regulatory Transaction Fees

NASD has filed with the Securities and Exchange Commission (“SEC” or “Commission”) Notice to Members (“NtM”) 05-11, providing further guidance regarding members’ obligations under Section 3 of Schedule A to the NASD By-Laws (Regulatory Transaction Fees) and a self-reporting form that is used by members to report trade data that is not captured by NASD’s trade reporting system.