Subject: File No. S7-06-04
From: Thomas J. Noel
Affiliation: Registered Representative, Mutual Service Corp

April 1, 2005

Please extend the deadline for comments on the proposed new rules. An extension of the comment period will allow me a substantial opportunity to review the proposal.

At first glance, I am concerned that the rules will have substantial unintended consequences and could be extremely costly and burdensome to my broker dealer.