Subject: File No. S7-25-99
From: Calvin R Dillon
Affiliation: President, Collins, Butler Co. CPAs

August 24, 2004

I urge you to withdraw the proposed rule making brokers exempt from the Investment Advisors Act of 1940. The investing public deserves to have the same protections whether they go to a broker or another investment advisor. Further, the brokerage industry has shown a need for regulation because it frequently puts its own interests ahead of those of its clients.