April 1, 2005
Re: Proposed new SEC rules File #S7-06-04 with deadline for comment April 4,2005. The day of my writing these comments is April 1, 2005. I just received today a brief summary of some of the rules and have had no time to digest or review them. Since the proposed rules just came out on March 1, 2005 and were not received by my broker/dealer, Mutual Service Corporation until March 7, 2005, the less than 30-day window for revie and comment seems unusually short and designed to stifle comment from registered representatives out in the field working with their clients.
I make my living selling and servicing financial products. From what little I know about the proposed rules, they will add unseemly burdens to reps like me. It is true that there are some unscrupulous reps who take advantage of unsuspecting clients. But they are the exception. The reps I know and associate with are honest men and women of integrity.
I appeal to you to extend the comment period for these proposed rules and give the reps who must apply them time to read, review and understand them and the ramifications they will produce. To do less than that seems grossly unfair to the men and women who are the delivery system for the great financial products available in this country. Thanks for your consideration
Gary Washburn
Mutual Service Corporation
Branch Office, Cameron Park, CA