Subject: File No. S7-06-04
From: richard s whelpley

April 5, 2005

To Whom it may Concern,

I am writing to ask that we be given an extension of time to adequately review proposed file S7-06-04. We have been told by our broker/dealer that the rule change could have serious unintended consequences for independent representatives. We alrfeady operate under a host of regulations designed to protect the public. We understand and agree with the philosophy behind these rules and always strive for complete transparency with regards to charges and fees for customer transactions.
We now operate in an environment that encourages representatives to charge as little as possible for services. If this rule change forces brokers to further limit the services offered to their reps. , and in effect the customer, the smaller client could lose access to affordable financial advice.

We are asking therefore for more time to look at the implications of file S7-06-04.

Thank you,
Richard Whelpley