SR-NASD-2005-070

Proposed Rule Change to Rescind the Pilot Rule in IM-10100(f) of the NASD Code of Arbitration Procedure

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to rescind the pilot rule in IM-10100(f) of the NASD Code of Arbitration Procedure relating to the waiver of the California Ethics Standards for Neutral Arbitrators in Contractual Arbitration.