Subject: File No. S7-25-99
From: John P Severy-Hoven
Affiliation: FPA,

August 26, 2004

I submit that this rule should be withdrawn in order not just to make an even playing field among all financial advisors but also to avoid further lawsuits relating to non-disclosure of financial institutions to their consumers.

The implementation of this rule or any similar rule is exactly what the NY Attorney General is working to eliminate.

Feel free to call me with any questions. I can be reached at 651-442-0465.

Best Wishes,

John Severy-Hoven