Subject: File No. S7-25-99
From: Arlene R Foreman
Affiliation: Registered Investment Advisor

August 23, 2004

The SEC, admirably, has made attempts to protect the public, and make the investment community a level playing field. This Rule must be withdrawn. There is no place for allowing distinctions to be made in service and client care based on how someone is employed or compensated. If I do the same work as an independent RIA, or as a rep for a brokerage firm, my CLIENT should be equally served. This Rule allows the rep to act and disclose differently than the RIA. That is unconscionable. Hold everyone to the same standards. Otherwise, the SEC will have to explain why it was OK for a client to be misinformed, or not adequately informed, based on who his/her boss is. That makes absolutely no sense.