Subject: File No. S7-25-99
From: Gerald Linstedt

August 27, 2004

Dear Sir,

Please consider the following: 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 public's 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 isn't willing to be regulated as such.