Subject: File No. S7-25-99
From: Laura Lee

October 27, 2004

William Donaldson

Dear Donaldson,

Instead of creating a division between brokers and investment advisers based on the nature of the services they offer, this SEC rule proposal would expand the brokers' exclusion from the Advisers Act to include instances in which the broker receives special compensation for advice. This is exactly the wrong direction for the agency to be taking.

All financial professionals who offer investment advice should be subject to the same rules.

Best regards,

Laura Lee
321 Spring Oak Lane
Coppell, TX 75019