SR-NASD-2005-109

Proposed Revisions to the Series 4 Examination Program

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") revisions to the study outline and selection specifications for the Limited Principal - Registered Options (Series 4) examination program. The proposed revisions update the material to reflect changes to the laws, rules, and regulations covered by the examination, as well as modify the content of the examination program to track more closely the functional workflow of a Series 4 limited principal. NASD is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of NASD.  The revisions that NASD is submitting with this filing supersede all prior revisions to the Series 4 examination program submitted by NASD.