Subject: File No. S7-25-99
From: Austin W Chinn
Affiliation: Independent Sales Representative / Individual investor

August 24, 2004

I believe that it is contrary to my interests to be offered financial advice without the advisor being subject to regulatory oversight.
A company not willing to be regulated as an advisor should not be allowed to market itself as such, especially if it is is primarily in the business of selling financial products.

Therfore, I ask you to WITHDRAW your proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.