Subject: File No. S7-06-04
From: Allen D Disselkoen, Jr.

February 10, 2004

I have been a mutual fund investor for many years. I agree with the disclosure requirements described in your proposed ruling. However:

I do 95 percent of my purchases on the phone or through the internet and do not have the time or desire to sign point of sale disclosures. A customer should have the option to waive this right or broker/dealers/funds should be required to provide an electronic review via the web or email.

I am disturbed by the amount of paper resources that are used by the securities industry for transaction confirmations, periodic statements, prospectus, etc. Although the information is important, the paper is not for a lot of investors I know. It appears that these rulings require more paper for written signatures, disclosures, confirmations, record keeping, etc. Again, these rulings should advocate an electronic option for disclosures, confirmations, and record keeping.