Subject: File No. S7-12-06
From: Bob Rzeppa
Affiliation: Investor

September 28, 2006

Thank you for continuing to accept comments regarding REG SHO, even past the deadline for comment submission.

I recommend that transparency be created to include: listing those securities on the SHO List with actual share count quantities that are undelivered and listing those Broker Dealers who are responsible for each of those failed positions. This type of information will provide the investing public with good information to base their future investment decisions on. It may even slow future failed trades via embarrassment.

Please eliminate the Grandfather Clause and Stop the Market Maker exemption for Naked Short Selling. The only ones who benefit from the Grandfather Clause and MM exemption are those who have gamed the system in the past and those who wish to continue to steal from us average investors in the future.

Thank You