Subject: File No. S7-25-99
Affiliation: ELECTRICIAN

August 26, 2004

I urge you to WITHDRAW your proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.

I believe that it is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore,if a company is PRIMARILY in the business of selling products, it should not be allowed to market itself as an advisor if it isnt willing to be regulated as such.