Subject: File No. S7-25-99
From: Joe A Cook

August 24, 2004

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.
Joe Cook