Subject: File No. S7-08-09
From: Jeffrey Johnson
Affiliation: Financial Representative

June 1, 2009

Many sophisticated investors lobbied hard to prevent the elimination of the uptick rule, and now want very much to have it reinstated. It's a valuable tool and safeguard. The reasoning for its elimination has never been made clear to many. Not only should we reinstate the rule, but we must study the thinking or (lack of) that went into the decision to remove it.