Court of Appeals for the First Circuit August 28, 1997, 97-1038 (Fed. Sec. L. Rep. P 99,521 Gerald R. Swirsky v. National Association of Securities Dealers)

LYNCH, Circuit Judge.

This case presents an issue of first impression for this circuit concerning whether the doctrine of exhaustion of administrative remedies applies in certain actions against the National Association of Securities Dealers (“NASD”). We hold that it does, in agreement with the other circuits which have faced this issue.