Subject: File No. S7-25-99
From: Jerry M Schwartz, CFPr
Affiliation: Principal, Arista Investment Advisors, Ltd.

January 15, 2005

I strongly urge the S.E.C. to repeal this ruling permanently. This ruling is NOT in the best interests of the public and clients of financial planning and investment advisor practitioners. Full and timely disclosure is the key to transparent relationships. No one practicing financial planning and/or offering investment advice should be allowed to engage the public in any other fashion, no matter how powerful the industry is that employs them. As fiduciaries, you and we have an obligation to permanently repeal this ruling.