Amendments to Rules 10308 and 10312 Concerning the Authority of the Director of Arbitration to Remove Arbitrators for Cause

The NASD, through its wholly owned subsidiary, NASD Regulation, Inc., has filed with the SEC a proposed rule change to amend NASD Rules 10308 and 10312 to provide authority for the Director of Arbitration to remove arbitrators for cause after hearings have begun.