Subject: File No. S7-25-99
From: Mike Carroll

September 10, 2004

I am against this rule because of all the reasons put forth by The Financial Planning Association(of which I am not a member). I believe,if a stockbroker wants to present himself as a financial planner of any kind, he should fulfill the requirements of the law as written in Investment Advisors Act of 1940. If you,the commissioners of the SEC, promulgate rules which do not follow existing law,what are we, the small investors of this country,to think.Here is an anology-You cannot drive a truck for hire without a CDL,that is a Commercial Drivers License.But,just because you have a truck driver's license doesn't mean you can drive a bus.Whatever you do in the world of transportation you need the appropriate license and I think the same reasoning should apply to the world of retail financial sales. Otherwise the hungry sharks out there will have more of us "small fish" for dinner than they already have. Yours for truth in finance, Mike Carroll