Subject: File No. S7-19-03
From: Ronald May

July 20, 2004

In any human endeavor, there will always be some who will abuse their position by departing from ethical behavior for their personal gain at the expense of others not in a position to know. Most rules and criminal laws are not necessary for those who have an integrety that demands ethical behavior. Unfortunately the rules and laws must be for those not so compelled. Strong rules will create no serious problem for those who already behave ethically but are necessary for those who are guilty of misuse of their position to the harm of those they are supposed to represent.