From: Nancy Smith [ndoan@worldnet.att.net]
Sent: Friday, February 13, 2004 9:50 AM
To: Securities and Exchange Commission
Subject: (s7-27-03) Ensure Equality in Late Trading Rules

Nancy Smith
324 Independence Ave., SE
Washington, DC 20003


February 13, 2004

Dear  Exchange Commission:

I understand that the Securities and Exchange Commission has proposed 
rules to reform market abuses that arise from the practice known as late 
trading. While the SEC should be commended for its action, I believe the 
rule, as currently proposed, will put many consumers at a distinct 
disadvantage.

The SEC proposal would impose a hard, no-exceptions, 4 P.M. deadline for 
placing orders. However, millions of participants in 401(k) or similar 
plans, as well as plans funded through a group variable annuity, transmit 
their orders through an insurer or pension plan administrator-an 
intermediary. 

Because of this necessary step, the order takes time to process. As a 
result, consumers like me would miss out on any important market news or 
developments that occur up to the 4 P.M. deadline.

The SEC's proposed rule attempts to bring fairness and equality to the 
marketplace. However, the current proposal could unfairly treat millions 
of consumers like me who work with intermediaries-a consequence the SEC 
did not intend.

Please consider revising your rules to allow consumers like me who work 
through intermediaries to transmit purchase, redemption, or reallocation 
instructions up to the 4 P.M. deadline. Doing so would ensure that we 
would have the same opportunities as mutual fund shareholders. 


Sincerely,


Nancy Smith