Subject: File No. S7-06-04
From: Christian A Beliveau
Affiliation: Financial Planner

April 1, 2005

Dear Sirs: The new proposed ruled S7-06-04 need to be more thoroughly reviewed, especially pertaining to the different treatment independent versus captive broker dealer should receive.

This is a hasty and unwise attempt to rush through rules changes that would hurt the investing public long term.

If youre going to do something, do it right.

Christian Beliveau