From: hall.clark@pmlmail.com
Sent: Wednesday, January 21, 2004 6:56 PM
To: rule-comments@sec.gov
Subject: file#SR-NASD-2003-104 Proposed NASD Rule Change re: Definition
of Branch Office

Dear     Secretary: 

I am very concerned with the changes that will come about with these changes.  
I operate a one person office and the paperwork required now is way to much.  
Something like this will most likely cause me to drop my variable license.  I 
have it now to help round out my P&C accounts and provide retirement plans to 
small businesses that other wise will never offer a program to the employees 
because no repersentative is going to call on a business with 3-10 employees 
making 25,000 per year.



Sincerely, 


Clark Hall
365 West 50 North W-7 
Vernal, UT 84078