Subject: File No. S7-06-04
From: Richard Stone
Affiliation: President NAIFA Surburban Maryland

April 4, 2005

-Additional point of sale requirements of securities will have an unintended negative impact. Reps already need to provide prospectuses of all information solicited. Additional requirements will make the process so burdensome that one of two events will occur: 1 Reps will sell fewer securities products reducing choices for consumers, or 2 Reps will only market to high net worth clients because the time cost for small and medium clients will not be profitable. This will significantly hurt the people who need advice the most.