Revisions to the Series 22 Examination Program.

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") revisions to the study outline and selection specifications for the Limited Representative - Direct Participation Programs (Series 22) examination program. The proposed revisions update the material to reflect changes to the laws, rules and regulations covered by the examination and to better reflect the duties and responsibilities of a direct participation programs representative. NASD is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of NASD.