Subject: File No. S7-38-04
From: Harold Candland
January 27, 2005
In reference to the SEC”s distinction between “live” and “electronic” roadshows. “electronic” roadshows are very important to investors and as long as “live” roadshows are provided, “electronic” roadshows must equally be provided and subject to equal rules so as to provide a level playing field, regardless of geographical location. It would be unfair to institutional investors across the country to distinguish between “live” and “electronic” roadshows. Roadshows are a very important method of evaluating a proposed offering by an issuing entity.
Electronic roadshows should have the same presentation, same slides, same ability to ask questions as does the live roadshow. Proposing that one be “registered” or “a writing” or whatever technicality would result in issuers providing a live roadshow and exclude an electronic roadshow. This would be grossly unfair to investors across the country.
I urge you to provide continued access to “electronically-based” roadshows for institutional investors across the country.