Subject: File No. 4-500

September 5, 2005

Gentlemen,

It would be contrary to good governance, equitable enforcement and serving the interest of the investing public if the SEC failed to adopt the proposed amendment of NASD Rule 3360.

Therefore, we vigorously urge you to provide the same transparency and regulatory oversight of short selling as those listed on other Exchanges. Investors in companies listed on The Pink Sheet and OTCBB are certainly entitled to the same protection afforded other investors!

Gerald Smith, CEO

Gerald Smith & Associates, Inc.