From: Jeffrey Bennett [mailto:newtech@interserv.com]
Sent: Wednesday, February 18, 2004 4:25 PM
To: chairmanoffice@sec.gov
Subject: NASD Rull 3370 Deadline Extension


To Whom It May Concern (as I'm not sure who will actually read this message)

Please help me to understand why the SEC allows for this kind of thing to go on....

>>>

NASD Notice to Members 04-08

Effective Date of Amendments to NASD Rule 3370 (Affirmative 
Determination Requirements) Extended to April 1, 2004

Executive Summary

NASD is delaying the effective date of amendments to Rule 3370 (Prompt 
Receipt and Delivery of Securities--the ''Affirmative Determination'' 
Rule) approved by the SEC in November 2003,1 until April 1, 2004. The 
amendments expand the scope of the affirmative determination 
requirements to include orders received from broker/dealers that are not 
members of NASD (''non-member broker/dealers''). The effective date of 
the amendments originally was February 20, 2004.2 NASD understands 
that some members need to make significant technological changes to 
their systems to comply with the new requirements; therefore, NASD is 
extending the effective date to provide members with additional time to 
make such changes.

>>>

Why is the NASD allowed to extend this deadline?

Just as it appeared that shorts began covering their naked positions, the NASD steps in 
and gives them a reprieve. And who can only imagine how many other reprieves may be 
presented to these guys.

Why is the government not going after these fringe broker/dealers more aggressively?

Why is the common investor the one who in general is always one of the last ones to 
profit from his hard-earned investment?

I'm not asking anyone to fix the system all in one swipe. But, I would sure like for 
someone to explain why this deadline was extended at the last moment. And, I would also 
like for someone to explain what is being done to police the actions of fringe investment 
broker/dealers.

I'm only in my late 40's; but, I've already begun to rethink my investment strategy. The 
last four years have really taken a toll on me. I can be responsible for myself; but, 
when the rules are changed to benefit those in the system at the expense of the little 
guy, I really question why I continue to invest. I have a great broker. And, I believe I 
invest for the right reasons. But, after the effective date of the rule was extended... I 
watched one of my investments drop 25%... I lost over $5,000 on that one investment alone 
because the crooks realized that they had an extra month and a half to cover their naked 
short positions. Just when it looked like the system would work in favor of the guy on 
the street.

I don't know why I'm complaining. It's hard to believe that anyone really cares enough to 
do the right thing. I guess I just wanted to vent.

Sincerely,

Jeff Bennett
7515 Fieldstone Ct.
Indianapolis, Indiana 46254