Proposed Rule Change to Delay Implementation Date of Revisions to the Series 4 Examination Program

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to delay until no later than November 30, 2005 the implementation date of the recent revisions to the Limited Principal - Registered Options (Series 4) examination program.  NASD is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of NASD.