Subject: File No. S7-25-99
From: Kurt L Hahn
Affiliation: Member of Financial Planning Association

February 7, 2005

In regards to proposal s7-25-99, I do not agree that broker dealers should be exempted from the same disclosure requirements as other investment advisors. The potential conflicts of interest that are important for clients to understand through the disclosures are actually more likely in a broker dealer capacity than an independant advisor capacity. Equal disclosure requirements for all can only be seen as a positive for the public.