Subject: File No. S7-10-05
From: Bruce R Bent
Affiliation: Chairman, The Reserve

February 9, 2006

Surprise, the Securities Exchange Act of 1934 is over 70 years old. And very little works properly when it reaches that age. (The writer is only 68 and 9 months.)
Since the early 1930s the world has changed in virtually every respect except the '33, '34 and '40s Acts, consequently billions of dollars of shareholders money is squandered each year for the creation, printing, and mailing of proxy material, prospectuses and financial statements that virtually no one reads.
Save trees and land fill and reward investors by eliminating all of this waste. State in all shareholder communications that all the data is available on the Internet and availability constitutes delivery. The end.
The Commission and money managers are supposed to protect investors. Here is a great opportunity. Lets not kill it with small print such as limiting reform to the '34 act, the '40 act is even more wasteful.