Subject: File No. S7-25-99
From: David B Yeske

September 22, 2004

One of the things that I have found most alarming -- and most anti-consumer -- about this rule, is the way firms seeking shelter therein have abused it in practice. More alarming still has been the apparent lack of enforcement by the Commission with respect to its own proposed rule.

To cite just one recent case: an ad for services based on the proposed rule in which the word advice or phrase investment advice appeared seven times, culminating in the line: here at XXXX, we believe that everyone deserves an ADVICE RELATIONSHIP. In the fine print at the bottom of the page was an almost invisibly small disclaimer stating, among other things, that advice was only incidental. In what weird parallel universe is it not the height of absurdity to say that ADVICE can be INCIDENTAL to an ADVICE RELATIONSHIP?