Subject: File No. S7-25-99
From: Alison Fields

July 26, 2004

I wish to strongly oppose the proposed rule "Certain Broker-Dealers Deemed Not To Be Investment Advisers". Given all of the recent publicity to scandals in the market and all the investor money that has been lost by some who lied and manipulated data and rules, I think that it is time to expand to Advisers Act so that anyone whose gives advice about securities is required, at a minimum, to disclose conflicts of interest. I would actually like to see the requirement to act in the client’s best interest expanded to Broker-Dealers as well if they offer any advice at all to the investor.

Alison Fields

Washington DC, 20008