Subject: File No. S7-06-04
From: Gerald L Raymond

April 4, 2005

I am requesting an extention of the comment period for proposed reg S7-06-04.

On the surface this proposal, while well meaning, appears to have unintended but substantial negative consequences to our clients.

To avoid this apparent diservice to the investing public I would therefore respectfully request an extention of the comment period.

Gerald L Raymond