Subject: SR-NASD-2004-183
From: Mitch Sproul

August 4, 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 licensed insurance professional and variable product salesperson.I am also a Certified Financial Planner(TM)I do not believe that NASD proposed Rule 2821 will provide meaningful protection to consumers. I urge the SEC to disapprove the proposal.

I firmly believe that people who engage in misleading sales practices should be aggressively prosecuted and subject to appropriate sanctions.

However, proposed Rule 2821 duplicates requirements that are already in place. NASD rules already contain suitability requirements that apply to all sales of securities, including variable annuities. If regulators really want to protect consumers, appropriate enforcement of the existing suitability rule rather than adopting a new rule is the answer. In the correct situation after appropriate fact finding and explanation of alternatives,the variable annuity is an important financial planning tool.Why would we regulate one planning tool or product more than others?

For these reasons, I urge the SEC to disapprove NASD proposed Rule 2821. Thank you for your consideration of my views on this matter.


Mitch Sproul