Proposed Rule Change To Amend NASD Rules 1050 and 2711 Relating to Research Analyst Conflicts of Interest

NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend NASD Rules 1050 and 2711 to implement certain recommendations contained in the December 2005 Joint Report by NASD and the NYSE on the Operation and Effectiveness of the Research Analyst Conflict of Interest Rules. The proposed rule change is intended to improve the effectiveness of the research analyst conflict of interest rules and registration requirements by making certain changes to the existing provisions regarding, among other things: disclosure of conflicts; quiet periods; restrictions on review of research reports by non-research personnel; and restrictions on personal trading by research analysts.

This rule filing has been withdrawn.