Subject: File No. S7-25-99
From: Ronald Gabel

September 9, 2004

I urge you to withdraw your proposal to exempt broker/dealers from the requirements of the Securities Act of 1940 when they offer fee-based brokerage programs.

The proposal is blatant discrimination against financial advisors who do not market products, who advise without conflict of interest. The regulations exist to control the organizations and individuals now proposed for exemption!

In their advertising, those who sell products emphasize advisory expertise and experience, yet would be exempt to regulatory control for advice? That boggles the mind.

The SEC should regulate fairly, not discriminate to benefit big business.

Ronald Gabel
Kerrville, Texas