Subject: File No. S7-25-99
From: Charles W. Reace, Sr.

September 10, 2004

As a private investor, with all the scandals in investment advice that have surfaced the last few years, I can't believe you are considering implementing the Broker-Dealer Rule Exemption. This proposed Rule must be withdrawn!

Charles W. Reace, Sr.
22 Fernbrooke Drive
Westampton, NJ 08060-4418