Subject: File No. S7-06-04

April 1, 2005

File number S7-06-04adds unnessary burden of disclosure at the point of sale. This along with other attempts of disclosure are actually working against the intent of rulings. The end point will not stop the few who are in violation of the rules but add more complexity to the already over burdened investor with all the disclosure. The paper trail is incredible and unmanageable everywhere you turn. You are defeating the very goal of what you are trying to do again and again. your approach of layer upon layer of disclosure is just not cutting it.

As in the past the investor is being hurt. Products offered through broker dealers will be limited. How can I truly offer the best out there when your goal does not align with good investment poicies, offerings, and procedures that do serve the investor?