Subject: File No. S7-25-99
From: George H. Faughnan

August 26, 2004

I urge you to WITHDRAW, not amend, the proposed rule for two reasons:

  1. The proposed rule allows 2 standards of conduct. One for Registered Investment Advisors and a different, less stringent one, for Stockbrokers and their firms
  2. The proposed rule is anti - consumer. By permitting non - disclosure of conflicts of interest, it allows stockbrokers and their firms to misrepresent their primary sales role as one of a 'fiduciary advisor' by receiving a fee for advice.

George H. Faughnan
Melbourne Beach, Florida