Subject: File No. S7-25-99
From: Keith L Haskell
Affiliation: Member of the FPA

August 24, 2004

I would respectfully request that you withdraw the proposal to exempt broker-dealers from the Investment Advisers Act of 1940.
I truly believe it is unfair to exempt anyone from the Act and would be detrimental to the consumer to differentiate the fiduiary responsibilty of the various advisers.
Thank you for your consideration in this matter.


Keith L. Haskell