Subject: File No. SR-NASD-2007-021
From: Richard Layne

July 25, 2007

Anyone who makes 10% of their income from one side of a controversy cannot be independent. At the least there is a strong appearance of bias to the small investor.

This forum needs truly independent panel members, not those who are "only slightly pregnant".

The rule should be passed but the 10%, $50,000 exclusion should be completely eliminated.