From: Jerry Seale [mailto:jseale@bscsecurities.com]
Sent: Monday, March 15, 2004 5:37 PM
Subject: S7-02-04:

With all due respect, the proposed regulations are extremely hard to understand. My suggestion is to simplify the rules in a summary form. You shouldn’t have to have a law degree or spend 3 or 4 days in deep study to understand what is required. My interest in this rule is only to properly educate investors who come to me wanting to buy penny stocks. I never have solicited them. Thanks for listening.

Jerry Seale
Investment Representative
BSC Securities
Member NASD, SIPC


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Member NASD, SIPC