April 1, 2005
There has not been enough time to examine the SEC proposed new rules File: S7-06-04. I suspect that those proposing all these rules do not understand how much it takes to adequately disclose the inherent risks and possible consequences of purchases and distributions of mutual funds, 529 colege savings plan interests, and variable insurance products.
Administrative taskings, resulting from a few real or perceived problems, seem like corks being placed in leaking dams. At what time will the SEC decided it has more corks than dam?
I am concerned that the Cures will eventually push a the majority of honest, ethical registered representatives out of the profession.
Please allow at least another 30 days extension for comments on your proposed new rules.