From: Joe Scott [jscott@manulifeUSA.com]
Sent: Tuesday, February 17, 2004 2:26 PM
To: Securities and Exchange Commission
Subject: (s7-27-03) Proposed Late Trading Rules

Joe Scott
185 Lazell Street
Hingham , MA 02043


February 17, 2004

Dear  Exchange Commission:

As an employee in my firm's 401(k) business I have a good idea who the 
hard 401(k) close-off will affect - small businesses, small business 
owners and their employees. 

Most mutual fund companies have abandoned the small end (less than 40-50 
employees) of the 401(k) market, except by distributing their funds 
through insurance companies, banks, and other firms. It is these firms and 
their small employer clients that will be disadvantaged as a result of the 
proposed hard 4:00 pm cutoff. 

I urge you to search for a solution to the late trading problem that does 
not involve disadvantaging the small employer. 

Thank you.

Sincerely,


Joe Scott