SR-NASD-2006-109

The Proposed Rule Change Amends the Proposed Code of Arbitration Procedure for Customer Disputes and the Proposed Code of Arbitration Procedure for Industry Disputes and the NASD Code of Arbitration Procedure to Address Representation of Parties in Arbitration and Mediation.

"NASD", through its wholly owned subsidiary, NASD Dispute Resolution, Inc. ("NASD Dispute Resolution"), is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend the proposed Code of Arbitration Procedure for Customer Disputes ("Customer Code"), the proposed Code of Arbitration Procedure for Industry Disputes ("Industry Code"), and the NASD Code of Arbitration Procedure ("Code") to address representation of parties in arbitration and mediation.