Subject: File No. S7-06-04
From: Arturo Maimoni, Ph.D.

March 15, 2004

As an introduction, I have been active in the local chapter of the American Association of Individual Investors for many years.

While I am retired and not active in my profession, Chemical Engineering, I have been an arbitrator for the NASD since 1991. Currently I am involved in 4 arbitrations.

I fully agree that the rule you propose is sorely needed, most people do not understand all that is involved. While the proposed forms do supply the information I suggest the following additions:

Section A perhaps should have a question regarding the commission breakpoints and ask if customer was notified.

Section C needs additional clarification:
What is the time scale?
What is the total compensation?