From: Paul Foley
Sent: March 31, 2005
Subject: File No. S7-06-04

Dear Secretary Katz,

I have been in the life insurance business more than 30 years and of that licensed to sell securities almost 25. During that time the proliferation of financial products has been impressive. The increase in rules and regulations that we must follow has also been impressive. Unfortunately, in spite of all the disclosures and regulations, the investing public isn't doing any better. Greed and fear continue to trump logic and virtually no one uses the tools that are available now.

New disclosure requirements of commissions for mutual funds and variable products will serve no purpose other than keep people from seeking the advice that most sorely need. The prospectuses that are required to be delivered presale already discuss the expenses of investing thoroughly enough to enable an investor to make an intelligent decision. Unfortunately, very few people actually read them. Adding another form to fill out won't do anything but add to expenses that the investor will ultimately have to bear.

Please withdraw the NASD proposal.

Paul Foley, CLU, ChFC


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