Subject: File No. S7-06-04
From: Randal L Nicholls

April 1, 2005

I am a registered representative. The recent proposal to significantly increase point of sale disclosures would severely restrict the number of investment products I would be able to offer my clients.

My independent broker/dealer currently allows me to sell literally thousands of different mutual funds and annuities but if the proposal were passed the cost of compliance would surely force them to dramatically restrict their product offerings.

Please reject the proposal and support more investment choices.

Thank you.