Subject: File No. S7-25-99
From: John W Doyle, CFA, FRM
Affiliation: Los Angeles Society of Financial Analysts, CFA Institute, Global Association of Risk Professionals

August 24, 2004

I urge the SEC to promote greater disclosure of potential conflicts of interest by everyone offering investment advice to nonprofessional investors. The proposed exemption to provisions of the Investment Advisors Act of 1940 for broker/dealers will not lead to greater disclosure. Many clients already erroneously rely on the perceived protection of the SEC and NASD, and assume that any financial representative has the obligation to act only in the investors interests. This proposal would weaken the protection that investors expect from regulators.

I urge the SEC to withdraw the proposed exemption.