Subject: File No. S7-25-99
From: Bhaj Townsend

August 26, 2004

Re: S7-25-99:
I oppose allowing anyone be exempt from the 1940 Advisors Act UNLESS they unequivocably represent themselves solely as sales people rather than as advisors. Advisors in any clothing must be held to the same standard and must have the same guiding principles and rules. It is the prudent thing to do. It is what the public wants, clarity in the fog, purpose from the SEC. Consumers request advice and assume they are getting advice from someone to whom they pay a commission or fee. Now, lets be clear about that.