From: Wilson Clary
Sent: March 30, 2005
Subject: File No. S7-06-04

Dear Mr. Katz,

I would like to one of the first to congratulate you and the SEC for continuing to overregulate our industry. It is baffling to me why these regulations are proposed when there are measures already in place dealing with disclosure. The added disclosure is unnecessary and will provide no meaningful additional protection to consumers.

As required by the current regulatory procedures in place by my firm, I review with my clients the prospectus disclosing and discussing all fees. While fees are an important consideration, these steps will cause the consumer to focus on fees entirely rather than total returns by investment managers.

With the continued oversight and overregulation one has to wonder if the SEC wished there were no registered representatives involved in the sale of securities. It would seem that the SEC would prefer that everything was handled through direct fund business without the valuable information and services provided by the registered representative.

I urge the NASD withdraw the Proposal for New Disclosure.


Wilson Clary