Subject: File No. S7-06-04
From: Jody G Tilt

February 16, 2004

I feel that email should also be available as an alternate fee disclosure medium when brokers/sales staff communicate with the individual investor. As I understand the system as proposed, the disclosure has to either be oral or written. The added use of email if available for the investor would greatly reduce the expense of implementing compliance, and as the cost of that compliance will likely be passed on to the investor and not simply absorbed by the broker, Im all for keeping it as efficient as possible.