Subject: File No. S7-25-99
From: Allen Purkiss
Affiliation: CFP

February 2, 2005

Although I applaud the SEC for making some improvements on the so called BD rule it does not satisfy the main issue for consumers: if a broker-dealer wants to give advice that goes beyond the traditional buy this, sell that because, then it should register under the Advisers Act. Exemption from the Advisers Act denies consumers important protections that simply do not exist in the broker-dealer sales-oriented regulatory environment.