From: mjrisk1@verizon.net Sent: Wednesday, January 21, 2004 6:21 AM To: rule-comments@sec.gov Subject: file#SR-NASD-2003-104 Proposed NASD Rule Change re: Definition of Branch Office Dear Secretary: I am a licensed insurance professional and variable products/mutual funds salesperson. I am writing to you because the NASDs proposal to revise the definition of branch office in Rule 3010(g)(2) will have a significant impact on my business. The already overwhelming cost of compliance in both the insurance & securities industry along with is driving the small business person out of business as well thus narrowing the distribution chanels. This narowing has prompted product manufacturers & wholesalers to increasingly attempt to "break" existing ethical & legal rules on compensation, etc to maintain their targeted sales goals. This is not in the public good. I Sincerely, Mike Becher 909 Third Ave NYC, NY 10022