From: Peter Fischel, CLU
Sent: August 8, 2005
To: rule-comments@sec.gov
Subject: File No. SR-NASD-2004-183


Peter Fischel, CLU
39510 Paseo Padre Pkwy.-Suite 300
Fremont, CA 94538

August 8, 2005

Jonathan G. Katz

Secretary, Securities and Exchange Commission Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-9309

Jonathan Katz:

After 34 years as a licensed insurance man with 0 complaints of any kind, and a loyal clientel, I am appalled at the continual NASD zest for controlling our lives! NASD proposed Rule 2821 is ludicrous, and will not provide any, repeat any safeguards for consumers, but it WILL provide more confusion for the consumer. As it is now, the required prospectus is only read by less than 5% of consumers, and because of all the previous rules and regulations promulgated by the NASD, is not understandable to the vast majority of consumers who do read it. All representatives who mislead consumers should be severely punished--jail, fines, permanent expulsion from the business, etc.. I don't think the NASD is doing that, but rather spends its time and resources harassing us law-abiding reps. by the seemingly endless additional requirements. I can tell you one thing for sure, and that is any Principal of a Broker-Dealer will not know my client better than I do, no matter how smart nor well-intended his or her desires to do the job. Second-guessing is not helpful for the client's long-term investing, and merely causes problems for all concerned. THEREFORE, PLEASE DO NOT APPROVE NASD PROPOSED RULE 2821!! Thank for your consideration. I assure you I speak for thousands of other decent and honest registered representatives.

Sincerely,

Peter D. Fischel, CLU