From: Scott.Walter@pmlmail.com Sent: Wednesday, January 21, 2004 11:44 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 strongly opposed to the change of definition of "branch office" in Rule 3010(g)(2). The administrative burden for a small office has already increased dramatically in recent years, and this is just another example of a layer of paper that is not necessary. My office is primarily an insurance and annuity office, and the only NASD products we use are variable insurance company products and mutual funds. We are already well supervised by our Regional Director. We certainly are not typical of a brokerage office. Please reject the NASD proposal so that small offices like mine are not penalized. Thank you for listening. Sincerely, Walter Scott P.O. Box 1600 Oshkosh, WI 54903