From: Steve Berman
Sent: December 6, 2005
Subject: File No. SR-NYSE-2005-75

I am an analyst/ portfolio manager responsible for financial stocks research and portfolios at Atlantic Trust/Stein Roe Investment Counsel. We have approximately $7 under management at SRIC for individual investors which are held in individual separate accounts. Our client portfolios are extremely transparent, and our clients know precisely what 40-50 stocks they hold in their portfolios. The existing rule 802.01E, a hard and fast rule that forces the delisting of shares, should be changed to allow for some discretion in its application under certain circumstances. I support the proposed changes to Section 802.01E of the NYSE Listed Co. Manual.

The existing rule has potential to cause short term volatility that may be especially harmful to individual investors without the sophisticated understanding and knowledge of the companies and their particular circumstances. Companies with strong financials, but for certain circumstances are involved in a lengthy historical restatement and re-audit process to comply with GAAP can be unfairly penalized by this existing rule as presently stated. Delisting and the stigma associated with such an action would create unwarranted fear among investors as a precursor to a financial debacle or corporate failure is simply not the case in some company circumstances. To avoid this misperception spreading among individual investors, not to mention the likelihood that some hedge funds will play this action to their own short term advantage (and often to the disadvantage of individual investors), this NYSE rules should be amended.

This is just plain common sense and in the best interests of individual and less sophisticated individual investors. Thanks.

Steve Berman
SRIC-Atlantic Trust