September 13, 2004
Please withdraw the proposed rule exempting broker/dealers from the Investment Advisors Act of 1940. Given the Commissions strong interest in protecting the consumer and the increased emphasis on disclosing fees and selling expenses over the past year, it is unclear to me why broker/dealers should be exempt from the Act. Providing this exception would only lead to increased confusion on the part of the consumer. Further, why should one kind of investment advisor be held to less rigorous standards than all other financial advisors?
Please withdraw the proposed rule. Thank you for your consideration.