Subject: File No. S7-06-04
From: john d lee

March 21, 2004

any changes you intend to make NEED to be simple and understandable to general public. They should also be consistent for ALL individuals and institutions that sell mutual funds, including banks, insurance companies, brokerage firms, fee based advisors, etc. disclosure is a positive for everyone, but it must be made on a level playing field, as opposed to what we have now. discount brokerager firms that are now offering cash back to hold mutual funds should be with these new regualations and required to disclose how and where these rebates come from.