Subject: File No. S7-25-99
From: Chris Schorr

September 8, 2004

Please remove this exemption. I am opposed to the proposed rule because it allows registered representatives to abide by lower disclosure standards...this misleads the general public. The general public makes an assumption their interests will be placed first and that all issues and matters of pricing and self dealing will be disclosed in advance. Thanks for opening this up again for comment.