Subject: File No. S7-25-99
From: Joseph G Descant, III
Affiliation: Certified Financial Planner

August 24, 2004

I would like to respectfully request that the SEC WITHDRAW, not amend, the SEC Broker-Dealer rule exemption proposal. I personally believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services and this is NOT RIGHT.