From: Ckscjohns@aol.com
Sent: Wednesday, January 07, 2004 12:15 PM
To: rule-comments@sec.gov
Subject: S7-27-03:

Thank you for receiving my note regarding this issue.

My name is Craig Johnson and I have had the honor of being an Investment Advisor 
since 1989 with my series 6 and then my series 7 in 1996.

I agree that post 4:00 PM trading should be banned.  However, I am concerned that 
many innocent investors will be negatively effected by the proposed changes to 
Rule 22c-1 that require that all trades are presented to mutual funds prior to 
4:00 PM.

I do not know as much as I would like regarding this subject but I think that 
direct purchase fund holders might be put at an advantage over 401k participants 
because of how the institutions will be more handicapped by this rule change.

I am asking that you consider some other ideas:

1) Each quarter the mutual fund CEO's and third party custodians should sign off 
their financial submissions to the SEC that they have not permitted late trading 
and redemption fee waivers for rapid trading.  

2) Illegal trading issues should be made a focus of compliance efforts with 
mutual funds and custodians.

3) Violators of these policies should be severely fined, punished and banned from 
this outstanding field!

4) Time stamp the trades to prove they have been entered on time.

Good luck.

Craig Johnson