From: Jed Bandes
Sent: April 8, 2005
To: rule-comments@sec.gov
Subject: File No. SR-NASD-2005-004


Don’t you people have any shame at all???????????????????????????????????????????????????????????????

Ever since the NASD has gone private they have been hawking their “compliance meetings and workshops”. There bureaucracy charges a hefty fee to those who attend. I am sure they are licking their bureaucratic chops at the potential revenue stream a “mandatory compliance meeting” would generate from all member firms!

Superfluous regulation and meetings are like gun control. You can keep passing measures all day long to stop people from using guns, but the bottom line is that if somebody wants to shoot you, it’s going to happen no matter how many laws there are on the books. The same is true fraud and dishonesty and all the mandatory meetings in the world won’t change this fact despite what the NASD would have you believe.

This proposed new regulation smells of bureaucratic excess and self indulgence.

Our industry has grown beyond mandatory meetings. It is one of the most advanced industries in the world. Through the use of computers and the internet there are any number of ways the NASD can convey information to member firms, case in point the notice to members that precipitated my response to this ridiculous idea? The difference between using the internet and having mandatory meetings is that the NASD does not receive any revenue when they send out a notice. What about handicapped people, like me, who have a hard time traveling? How does the NASD intend to accommodate us? Do I have to now close down because I may not be able to travel on the day they have their CRAPPY meeting?

Here is a better idea for you. Start a competing regulatory agency. If fair and competitive markets are good for the exchanges, then the same should be true for regulators.

Jed Bandes