Subject: File No. S7-12-06
From: Katalin S. De Korompay

July 22, 2006

It has been repeatedly demonstrated in spades that the US Securities and Exchange Commission is unwilling to live up to its mandate to lawfully regulate the US financial markets. In a recent sordid attempt at rectifying the situation the SEC removed the word "INTEGRITY" from its Mission Statement.

Like the rebirth of FEMA, certain of the SECs upper level management together with Commissioner Annette Nazareth must be replaced with people of integrity as an essential component of any amendment to Reg SHO.