Subject: File No. S7-25-99
From: John Kaiser
Affiliation: FPA

September 2, 2004

To Whom It May Concern:

I just wanted to drop a note to let you know that I strongly urge the SEC to WITHDRAW this rule. As you are aware the Consumer Federation of America, the AARP and the FPA all strongly object to this rule. I feel that if the rule is not withdrawn, brokers will have an unfair advantage offering the same products that I can offer but with out the accountability associated.