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