Normal Subject: Merril Lynch Rule Dear Chairman Levitt This letter is to voice my discent on the rule which would exempt certian broker/dealers from the Investment Advisor Act of 1940. I am an independent Investment Advisor and as a CPA my clients value my independance. Brokerages such as Merril Lynch offers their own products, if allowed to bypass the current system, they will not have the stringent customer 'suitability' rules we have today, and are not generally considered to have a fiduciary loyalty to their clients. I am a member of the Financial Planners Association and meet with other "planners" every month and those that are associated with larger firms, often offer only their own funds as the only solution to the client. If they were advisors, fee based, this would pose a serious conflict of interest. Please re-consider. thank you David C Luck, CPA