From: David Morgan []
Sent: Sunday, February 22, 2004 12:03 PM
Subject: S7-23-03

I'm contacting you about the Nasdaq's delay of implementing SEC rule S7-23-03. This rule has been a long time coming and as demonstrated by your proposal of it, is very needed to stop the manipulation of micro issues. The Nasdaq's excuse for delaying it's implementation is weak at the very best. Brokers are already set up to short securities legitimately with Nasdaq and it's only the Naked Shorters which will have to suspend shorting securities. Brokers have seen this rule coming for quite a time now and getting the Nasdaq to put it off further on the grounds "that they are not ready" is a flagrant affront to the SEC's authority and to the spirit of this rule to allow legitimate micro companies a decent chance at survival. I believe this falls under the auspices of your division as delaying this rule's implementation is really no different than violating it once it's in place. Please do something about this.