Re:

non distretionary

--- "Spector, Edward (Private Banking and Investment -
WFCB)" edward_spector@ml.com wrote:

Jeffrey,

Hope all is well. The NASD has issued a mandate
effective in Jan 2006 (don't have exact date in
front of me.. I am at airport) that commission based
discretionary accounts must become either fee based
or non discretionary. I believe that Merrill would
have sent out a notice on this to clients very
recently. Abigail's account is one of a number of
commission based discretionary accounts. The two
ways to handle this are either make it non
discretionary which I don't believe would be
effective or make it fee based. I will work through
the numbers and come up with a proposal. Thanks.

Ed

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