Subject: File No. S7-25-99
From: Nicholas R Noviello
Affiliation: Financial Planning Association

September 7, 2004

Re: Release Nos. 34-42099 IA-1845 File No. S7-25-99

Dear Mr. Katz:

The Noviello Financial Group NFG hereby requests the Securities and Exchange Commission to withdraw the abovementioned proposed rule entitled Certain Broker-Dealers Deemed Not To Be Investment Advisers the Rule as proposed on November 4, 1999. NFG believes the Rule is detrimental to consumer protection by allowing broker-dealers to avoid the blanket fiduciary protections of the Investment Advisers Act of 1940.

NFG respectfully requests the SEC to act immediately to withdraw the Rule for the following reasons:

Non-Compliance with Administrative Procedures Act
Failure to provide clear regulatory guidance
Misinterpretation and misapplication of discretionary exemption authority
Absence of rule enforcement
Inconsistent application of disclosure standards of brokerage transactions

As a member of the FPA and being a CFP for 20 years, I profoundly object to this Rule. In addition the Consumer Federation of America and the AARP also strongly object to the rule.

Please call 908-231-0326 with any questions or responses.


Nicholas R. Noviello, CFP