Amendments to Supervisory Control and Inspection Procedures Rules

NASD has filed with the SEC a proposed rule change to align certain supervisory control and inspection requirements in NASD Rules 3010 and 3012 with the supervisory control and inspection requirements in New York Stock Exchange ("NYSE") Rules 342.19 and 342(a)(b)/03. The SEC approved these rules on June 17, 2004. In addition, NASD is proposing several non-substantive technical amendments.