Subject: File No. S7-25-99
From: Joseph R Taylor

August 29, 2004

I urge to WITHDRAW not amend, the proposed rule for two reasons:

1. The proposed rule allows 2 standards of conduct.One for registered investment advisors and a different, less stringent one, for Stockholders and their firms.

2. The proposed rule is anti-consumer. By permitting non-disclosure of conflicts of interest, it allows Stockholders and their firms to misrepresent their primary sales role as one of a fiduciary advisor by receiving a fee for advice.