From: Marc Van den Broeck
Sent: May 31, 2004
Subject: File No. S7-23-03

Ladies and Gentlemen of the SEC,

On November 9 of last year, I wrote you this letter in regards to the comment period on regulation SHO.

I saw on your site, that I was not alone. Many worried investors have also written to the SEC to express their great concern about the illegal practices regarding naked shorting. On the online petiton against naked shorting ( ),I see that there are over 3145 shareholders and 25 companies that have signed this petition.

Now almost 7 months later, there is no word from regulation SHO. We have seen swift action from the NASD to implement rule 3370 - affermative determination, but the SEC fails to implement a rule that has hurt the markets so badly, and has the potential to give shareholders the trust and confidence that marketorders are traded in a fair way.

How is it possible that an agency like the SEC fails to quickly implement a rule that is the hope of many small investors that, over time have seen their portfolios go into a downward spiral because the SEC has not done it's job, which is protecting the individual investor and make sure that there is a fair market trading on the floor.

As more and more stories are unfolded about the new tactics that the naked shorters have invented, like the unautorized trading of many OTC and pink sheet companies on the Berlin exchange, the SEC does NOTHING.

I think this is an outrage. Me and many of my collegue investors want to see regulation SHO being implemented ASAP. Not only to protect future trading, but we also want to see that every historic naked shorted share will have to be covered. That is only fair for all the investors out there that were relying on the SEC doing their job. Obviously the SEC doesn't find it important to implement fair market trading.

Regards from Belgium
Marc Van den Broeck