WEST AMERICA SECURITIES CORPORATION

4510 E. THOUSAND OAKS BLVD. SUITE 100

WESTLAKE VILLAGE, CA 91362

April 5, 1999

Jonathan G. Katz

Secretary

Securities and Exchange Commission

Mail Stop 6-9

450 Fifth Street NW

Washington, D.C. 20549

      RE:     Proposed amendments to Rule 15c2-11 (SEC File No. S7-5-99)

Sir,

West America is a small broker-dealer located in Westlake Village, CA whose primary market making activities take place on the OTC Bulletin Board. Soon, as a result of the new rules as adopted by the NASD, many of these stocks may be trading on the Pink Sheets. Having followed many of the small cap stocks for years now, we have developed a vested interest in the success of many of these issuers, not only for the benefit of the issuers themselves but more importantly for the shareholders that own stock in these issuers. If these amendments become effective, the damage to these issuers will be irreparable and the losses incurred by the thousands of shareholders of these issuers will be devastating.

It is impossible for a small firm such as ours, to be held legally responsible for the accuracy of the financial information that any issuer discloses. In fact, I cannot imagine any firm of any size being able to operate under these impossible conditions. This is a no win situation.......period. Market makers lose, broker-dealers lose, investors lose and all of the small issuers lose.

Currently, we follow each issuer that we make a market in to keep up to date as to any developments within the organization. We must take each disclosure at face value as accurate and correct. We simply don't have the resources to hire private investigators to verify the accuracy of each and every detail of an issuers business. Obviously, fraud is something that no honest market maker wants any part of. If a broker dealer is found to have aided an issuer in a fraudulent activity, then certainly that broker dealer should be held accountable. However, to expect that a broker dealer has the time and resources to verify each and every daily aspect of 100 different issuers and still have time to run their own business is simply not feasible.

In short, we are vehemently opposed to the amendments to the Rule and ask that it be struck down.

Sincerely,

Robert B. Kay

President