From: Johnson, Edward A. [Edward.Johnson@pseg.com]
Sent: Wednesday, December 24, 2003 4:36 AM
To: 'rule-comments@sec.gov'
Subject: S7-27-03:

This proposal is designed to "prevent unlawful late trading in fund shares."
It appears that regulations already exist to prevent this practice. The
continued and strict enforcement of these regulations is the way to prevent
this practice from being a problem to long term shareholders, especially
participants in 401(k) plans. The structure of this proposal will further
disadvantage 401(k) fund shareholders, because it will limit trading to as
little as two hours a day. 
Fund managers who disregard current regulations will find a way around this
one too. Punish those who violate current regulations. Don't create new
regulations that punish everyone.
Ed Johnson

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