April 4, 2005
Regarding: File number S7-06-04.
1. The industry has not been given sufficient time to comment on this proposal.
2. It appears that you are trying to kill a fly with a sledgehammer.
3. Costs will rise and client time will be reduced. Do you know how much paperwork we currently do?
4. Product availability will be reduced.
5. The fallout will be simply a refusal to deal with any client with less than 50,000 or so to invest--it just wont be worth the time/cost. Small investors will lose out.
6. Please require all businesses dealing with the public, such as banks selling CDs, grocery stores selling milk, hardware stores selling lawnmowers, hospitals providing care, etc., with similar reporting requirements--you can imagine the hassle. But some consumers would appreciate the information--and costs would rise for everyone.