Subject: File No. S7-06-04
From: John J Moynihan

April 2, 2005

It is my understanding that the proposed new rules File number S7-06-04 are being rushed through without providing time for discussion.

Disclosure is imperative for investors, however without proper input from those in the business you will simply be adding addition burden on the investor. You already have the investor signing forms with out reading them because current forms are so lengthy and confusing.

I am afraid that the investment industry will soon mirror the mortgage business. It is impossible for a individual at mortgage closing to read all the documents. They simply sign them without reading them 99 of the time.

If the purpose of this bill is to protect the investors it is imperative that a clear and thought out process take place. Simply adding additonal forms will only confuse and overwelm the investor and add additional cost to investment advisors who will have no choice but to increase cost to the ones you are trying to protect the investor.