Subject: File No. S7-25-99
From: G Clark

August 24, 2004

It appears that once again the present administration is ceding regulatory control of a large industry in this case the brokerage/investment industry to the whims of the companies they are trying to regulate. I happen to have found a financial planner with integrity and a commitment to provide sound advice with no strings attached. My advisor has pointed out that his large competitors will be able to engage in questionable tactics and marketing if they are not properly regulated.

Therefore, I urge 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.

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