SR-NASD-2007-054

Proposed Rule Change to Incorporate Certain NYSE Rules Relating to Member Firm Conduct

NASD is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to incorporate certain rules of New York Stock Exchange LLC (“NYSE”) relating to the regulation of member firm conduct (the “Incorporated NYSE Rules”). The Incorporated NYSE Rules will apply solely to members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that also are members of NYSE (“Dual Members”) on or after the date of closing of the Transaction.