Subject: File No. S7-25-99
From: Linda Kuhn

August 26, 2004

I urge you to WITHDRAW your proposal 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.

I believe that it is contrary to the public's interests to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore, if a company is PRIMARILY in the business of selling products, it should not be allowed to market itself as an advisor if it isn't willing to be regulated as such.

Linda Kuhn