Subject: File No. S7-06-04
From: R. Steve Preston
Affiliation: The Financial Design Group

March 30, 2005

Please register my opposition to the new rules proposed. IN the last several years, your legal staff has created an environment of paperwork between our B/D and yourself that is confusing to the investor. It is important to protect the buyer but it's overkill. Our B/D already has such paperwork

R. Steve Preston
Registered Representative and Financial Advisor
The Financial Design Group