Subject: File No. S7-25-99
From: Henry M. Fales

July 26, 2004


I just wanted to say that I agree wholeheartedly that the 1999 proposed broker-dealer rule be adopted in its original form. There is just no practical way that one can make sure that advice is "solely incidental to the brokerage services".

Henry M. Fales
3114 Gracefield Rd. Apt 315
Silver Spring, MD 20904