Subject: File No. S7-12-06
From: dean s pagliaroli
Affiliation: none

April 20, 2007

Regulation SHO is not working and will never work when you make rules to protect the people who are shorting companies. This NSS stuff needs to be stopped. and by protecting people under the grandfather clause needs to stop. If they commited crimes ,You are supose to protect us as shareholders of companies. PINKSHEET OR NOT. You need to do your job. The grandfather clause needs to be removed and do it right.