Subject: File No. S7-06-04
From: Jonathan D LaCroix

April 5, 2005

Please extend the deadline for an additional 30 days as we in our office have not had a chance to review the current proposal.

Upon a brief review, the adoption of these proposed rules may have substantial unintended consequences for independent broker/dealers and their registered representatives. Of primary concern is that complying with the proposed rules - principally the creation and maintenance of the point of sale disclosure - will be so extremely burdensome and costly that broker/dealers will be forced to limit significantly the number of Covered Securities approved for sale.

Thanks for your time and consideration,

Jonathan D LaCroix