Amendment to Effective Date of Phase Three of Order Audit Trail System Rules

The NASD, through its wholly owned subsidiary, NASD Regulation, Inc., has filed with the SEC a proposed rule change to amend Rule 6957 to extend the effective date of the implementation of Phase Three of the Order Audit Trail System rules to 120 days after SEC approval of SR-NASD-00-23 (April 19, 2000), which also proposes changes to the OATS rules.