From: John O'Brien [johnobrien@shaw.ca]
Sent: Friday, May 14, 2004 2:16 PM
To: Rule-Comments
Subject: File number S7-23-03

Dear Mr. Katz,

I would like to be brought up-to-date on the status of the proposed regulation 
changes intended to put an end to the trading of what amounts to nonexistent 
securities in the OTC:BB and Pink Sheet Markets.  Your office has now invited 
comments from the general public on two occassions; almost five years ago referred 
to as File No. S7-24-99, and again last year as File No. S7-23-03. The 
overwhelming response was in favour of change to close the loopholes being used 
steal peoples' investments.

What is the SEC's target date to have effective regulations in place to stop these 
activities?

Respectfully,

John O'Brien