Interesting...But the proposed rules in that memo from 2003 have been TOTALLY revamped. Look at the new rules on pinksheets.com. I am very comfortable with them. I will say this though. Once they go into effect, anyone who plays the pinks WITHOUT doing LOTS of research on their investments and being able to play the market on a daily basis will fail. But is that much different than what we have now? Yes and No. Now you can play a pinkie and not know anything about reading financials and flip it with relative ease. By the end of this year that will not be AS big an option.