SR-NASD-2007-021

The Proposal Amends the Definition of Public Arbitrator under the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to Add an Annual Revenue Limitation

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 Code of Arbitration Procedure for Customer Disputes ("Customer Code") and the Code of Arbitration Procedure for Industry Disputes ("Industry Code") to amend the definition of public arbitrator under the Customer and Industry Codes to add an annual revenue limitation.