Subject: SR-NASD-2004-183
From: James L Yost CLU, ChFC

August 5, 2005

Jonathan G. Katz
Secretary, Securities and Exchange Commission
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-9309

Jonathan Katz:

I am a Registered Representative, a licensed insurance and annuity sales person and a Registered Principal. I am sending this message regarding NASD proposed Rule 2821. It seems to me that this proposed rule is unnecessary as it duplicates existing safeguards and suitability requirements already in place.

As a Registered Principal, I review every sale, not just annuities, for suitability as that requiremennt is part of my position. Adding another layer of review does not make sense especially if only 8% of existing actions are related to variable annuities.

I strongly believe that the NASD should use the existing rules to investigate and ,if necessary, prosecute any and all violations as that seems to be the best way to show those few who do violate the rules that the NASD and the SEC mean what the rules say. Adding another rule only makes for an opportunity to get around it. Thank you for your consideration regarding this.


James L Yost CLU, ChFC