Subject: File No. SR-NASD-2004-183
From: kevin ivey

August 10, 2005

in my 20 years as a Reg Rep I have never written in to comment on the NASDs proposals BUT, enough is enough In regards to my understanding ofthe VA modifications for Reg Reps, Supervisors, BDs, etc; we, as reps already have to fill out numerous forms in insure suitability; including: questioning the customer as to their tax status, net worth, liquidity, understanding of product features, etc were also required to ascertain their risk tolerance and time frame for investing. And, if there is a switch involved then, we fill out a Switch Letter which details all the necessary comparisons between the old and new programs as well as rationale for making the change...How much more information do we as reps/bds need to obtain from our customers? Please, would you stop making new rules and modifying old ones just for the sake of doing so...

Regards,

Kevin Ivey