SR-NASD-2005-089

Proposed Rule Change Relating to NASD’s Direct Authority for the Activities Related to or in Support of Trading in Over-the-Counter Equity Securities

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to NASD's Plan of Allocation and Delegation of Functions by NASD to Subsidiaries ("Delegation Plan") and certain NASD rules to reflect NASD's direct authority for the activities related to or in support of trading in over-the-counter ("OTC") equity securities, including, but not limited to, the OTC Bulletin Board ("OTCBB"), rather than the current delegation of such authority to The Nasdaq Stock Market, Inc. ("Nasdaq").