Subject: File No. S7-25-99
From: howard e singer
Affiliation: RIA

February 4, 2005


It is my belief that the SEC should follow a level playing field in terms of registration requirements in other words, it would be better for the consumer if the broker dealer reps had to register and comply with ADV filings just as an RIA does. The consumer would then see all of the pricing and compensation agreements the broker has arranged for him/herself and there would be more transparency and trust among consumers and the financial service industry.

thank you