Subject: File No. S7-06-04
From: chester m slyk

April 12, 2004

I tried to digest all 652 pages of your proposal do you have a condensed versionand marginally succeeded. I can only guess at the cost of compiance to the mutual fund companies. Since it appears that the recent problems have been the result of not complying with existing rules and regulation I highly doubt the value of the proposed changes. Simply not worth the money.
Enforce the existing rules and leave well enough alone.