From: Jed Bandes
Sent: April 2, 2005
Subject: File No. S7-06-04

Let's give it a rest for a while shall we? Both you and firms are having a hard enough time digesting all the new regulation you have already passed. Securities regulation is much like gun control, no matter how many new gun control laws you pass, if somebody is intent on shooting somebody else, it is going to happen. The same is true for securities laws, if there is a bad apple out there he will find some way to get his hands in an investors pockets regardless of disclosing how he is compensated for a mutual fund transaction. If investors want to know how a broker is being compensated there are plenty of venues that already disclose that information, i.e. Charlie Schwab, Waterhouse, etc. they can shop there if this is a concern. You are turning the securities business into a confrontational relationship between the firm and the client.

I think this new proposed regulation is a bad idea.

Jed Bandes
Mutual Trust Co. Of America Securities