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  <TITLE> Piper Jaffray Companies (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 2, 2007
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  	Piper Jaffray Companies
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	1-31720
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  	30-0168701
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	800 Nicollet Mall, Suite 800, Minneapolis, Minnesota
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  	&nbsp;
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  	55402
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	(612) 303-6000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <FONT SIZE="2">Top of the Form</FONT>
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  <B>
  	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
  </B>
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  <FONT SIZE="2">
  Effective May 2, 2007, the Board of Directors of Piper Jaffray Companies (the "Company") elected Lisa K. Polsky to serve as a Class II director of the Company with a term ending in 2008.  Ms. Polsky is the president of Polsky Partners, a New York-based consulting firm specializing in hedge fund allocation, risk management and valuation policy.  Ms. Polsky has been appointed by the Board of Directors to serve on the Audit Committee and the Compensation Committee of the Company.
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  	Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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  Effective May 2, 2007, the Board approved an amendment and restatement of the Company&#x2019;s Amended and Restated Bylaws declassifying the Board of Directors and implementing the annual election of all of the Company&#x2019;s directors to be phased in beginning in 2008 and ending in 2010.  The Amended and Restated Bylaws are attached hereto as Exhibit 3.1 to this Form 8-K, and incorporated herein by reference.
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  <B>
  	Item 9.01 Financial Statements and Exhibits.
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  (d)	Exhibits<br><br>	3.1	Amended and Restated Bylaws (as of May 2, 2007)<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Piper Jaffray Companies
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  	&nbsp;&nbsp;
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  <I>
  	May 4, 2007
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	/s/ James L. Chosy
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  <BR>
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  	&nbsp;
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  <I>
  	Name: James L. Chosy
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  	&nbsp;
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  <I>
  	Title: General Counsel and Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	3.1
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  	&nbsp;
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  <FONT SIZE="2">
  Amended and Restated Bylaws (as of May 2, 2007)
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_20051.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10966}]
metadata_filer: {"company-data": {"conformed-name": "PIPER JAFFRAY COMPANIES", "cik": "0001230245", "assigned-sic": "6282", "irs-number": "300168701", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31720", "film-number": "07817923"}, "business-address": {"street1": "800 NICOLLET MALL, SUITE 800", "street2": "MAIL STOP J09N02", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "(612) 303-6000"}, "mail-address": {"street1": "800 NICOLLET MALL, SUITE 800", "street2": "MAIL STOP J09N02", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402"}}
text: Piper Jaffray Companies (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  May 2, 2007
  Piper Jaffray Companies
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  1-31720
  30-0168701
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  800 Nicollet Mall, Suite 800, Minneapolis, Minnesota
  55402
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (612) 303-6000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
  Effective May 2, 2007, the Board of Directors of Piper Jaffray Companies (the "Company") elected Lisa K. Polsky to serve as a Class II director of the Company with a term ending in 2008.  Ms. Polsky is the president of Polsky Partners, a New York-based consulting firm specializing in hedge fund allocation, risk management and valuation policy.  Ms. Polsky has been appointed by the Board of Directors to serve on the Audit Committee and the Compensation Committee of the Company.
  Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
  Effective May 2, 2007, the Board approved an amendment and restatement of the Company's Amended and Restated Bylaws declassifying the Board of Directors and implementing the annual election of all of the Company's directors to be phased in beginning in 2008 and ending in 2010.  The Amended and Restated Bylaws are attached hereto as Exhibit 3.1 to this Form 8-K, and incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (d)	Exhibits
  3.1	Amended and Restated Bylaws (as of May 2, 2007)
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Piper Jaffray Companies
  May 4, 2007
  By:
  /s/ James L. Chosy
  Name: James L. Chosy
  Title: General Counsel and Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  3.1
  Amended and Restated Bylaws (as of May 2, 2007)