Subject: File No. S7-25-99
From: John K Link, CFA, CFP

August 23, 2004

RE: SEC Broker-Dealer Rule Exemption

I urge the Commission to WITHDRAW, not amend, the rule proposal.

Having been an independent, fee-only based financial advisor for over 21 years, I have seen how poorly the public is served by self-regulation of brokerage firms.

I support the FPAs position regarding this matter.

Ken Link