Subject: File No. S7-25-99
From: James Williams

July 22, 2004

The problems with this proposal S7-25-99 gives Broker Dealers carte blanche to misrepresent themselves to investors and does not disclose there true role as sales agents. The Securities Brokers must have written this one. With all of the bad press for the Financial Services Industry, being more lenient for broker-dealer sales with out fiduciary responsibility and disclosure standards, which the Act of 1940 gives the investor some recourse. The SEC has the obligation to protect the investor. The larger problem is former Broker Dealers are running the hen house.