Subject: File No. S7-25-99
From: Jan K. Foval
Affiliation: FPA

February 7, 2005

Allowing this rule will continue to erode the Public Trust.
Relaxation of these standards will corrupt the advisory relationship due to greed, misconduct and manipulation inherent in the insurance, banking and investment professions. As a second generation adviser, the compromising repute of the insurance, banking and investment agent/broker continues to confuse and alienate the consumer. The Public will not know what hit them. Instead of transparency, there will be more smoke and mirrors. Thank you.