Extension of Pilot Rule in IM-10100(f) of the NASD Code of Arbitration Procedure Regarding Waiver of California Arbitrator Disclosure Standards; Immediate Effectiveness Requested

NASD has filed with the SEC a proposed rule change to extend the pilot rule in IM-10100(f) of the NASD Code of Arbitration Procedure ("Code") relating to the California waiver program until March 31, 2005. NASD is not proposing any textual changes to the By-Laws or Rules of NASD.