Notice to Members 04-60

SEC Approves Increase to the Arbitrator Panel Training Fee

Effective Date: September 16, 2004

On June 16, 2004, the Securities and Exchange Commission (SEC) approved an NASD proposal to increase the fee for arbitrator panel training from $100 to $125.1 The fee change is effective on September 16, 2004.

Questions regarding this Notice may be directed to Barbara L. Brady, Associate Vice President and Director of Neutral Management, at (212) 858-4352 or via e-mail; or John D. Nachmann, Counsel, at (202) 728-8273 or via e-mail.