From: waoins@attglobal.net Sent: Wednesday, January 21, 2004 5:27 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 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 revenue generated form this part of the business is a small percentage of a multiline insurance agency. The financial expense and administrative burdens that will be caused by the change in status of my office from a non-branch location to a branch office may result in it no longer being economically feasible to offer variable products and mutual funds to my clients. This can only have a harmful impact on consumers since their access to these products, which often constitute an important part of my clients overall financial planning, will likely be reduced or eliminated. I am urging the SEC to reject the NASD proposal to revise the definition of branch office and to keep in place the current definition. In the alternative, the proposal should be amended to (i) waive the filing fee for any non-branch location which becomes a branch office as a result of the proposal, and (ii) the number of permitted transactions in the exclusion found in section 3010(g)(2)(E) should be substantially increased. Thank you for your consideration of my views on this matter. Sincerely, Walter Olshanski 124 Pearl Dr Canonsburg, PA 15317