Subject: File No. S7-06-04
From: Peter Crotty

March 30, 2005

I object to the avalanche of forms and filings that will need to be submitted if these proposals are adopted. Life as an investment advisor is complicated enough. By law we are required to disclose all fees and expenses and clients sign off on that when they open basic accounts with any BD. More paperwork for products sold or even proposed products would be redundent and a waste of time and effort for everyone involved. If the worry is that there are FAs out there not doing business ethically, then enforce the laws already on the books. Dont make it more difficult for the guys trying to do it right.