Subject: File No. S7-06-04
From: George Joseph

February 16, 2004

I fully support this new ruling. As an active investor in mutual funds, it was only by accident that I found out that there was an undisclosed commission being paid to my advisor. I initially had picked this advisor because he represented himself as financial planner first and as a convenience also had a brokerage arm to do any fund purchases. I have since left this advisor, but had placed a considerable sum of money in funds that he had recommended. I do not believe in over regulation, but in this instance I believe this disclosure would be a benefit to all investors.