Subject: File No. S7-06-04
From: William A Meserve
Affiliation: Indianapolis Nafia (Board Member)

February 21, 2006

Jonathan G Katz, Secretary, Securities and Exchange

Re: File Number S7-06-04

I am a registered representative with Transamerica Financial Advisors and in the investment business with more than thirities years experience. The "Paperless" business is getting worse than ever. I have more and more forms to complete with every sale, it's getting worse every year. I don't believe disclosure document would be of any help, most clients don't even read any of the paper that is sent almost on a daily basis. It's too complicated and if they have questions they always call me. It's unfortunate that a few registered reps don't have always do what is best for their clients. But that happens in almost any business.

My clients are much more informed than in the past but I think more disclosure wouldn't be of any value.

Sincerely,

William A. Meserve