Subject: File No. S7-06-04
From: William D Armes

March 16, 2004

I support regulations requiring disclosure by brokers and investment advisors of any and all fees, commissions, and other types of incentive payments for recommending and/or selling specific investments. If such regulations are adopted, the methods of disclosure should require the individual purchasing the investment to acknowledge in writing -- possibly by signing a disclosure statement -- that she or he understands that the seller receives compensation for recommending/selling that particular investment. Without this acknowledgment, investors may not have the time or understanding to find disclosure language that is buried in a prospectus or offering notice.