Subject: File No. S7-06-08
From: David D McNally
Affiliation: McNally Financial Services Corporation

April 16, 2008

The change in regulations places additional training, record keeping, and supervision responsibilities on an already overburdend small firm. There seems to be no end to this bureaucratic virus that permeates all aspects of the Financial Industry. I can only assume that this is another attempt to eliminate small firms by overburdening them with regulatory requirements. Dave McNally