August 24, 2004
I urge you to WITHDRAW your proposal (proposed/s72599&file_num=S7-25-99) to exempt broker/dealers (or any other financial organizations) from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.
Proposal S7-2599 would be extremely detrimental to the investing public, if Broker Dealers are NOT required to be subject to Oversight by the SEC, and the NASD.
Kalman J. Lester