Subject: File No. S7-25-99
From: Marie Couch

August 24, 2004

I object to this proposed rule that would exempt brokerage firms from regulatory oversight over their advisory
activities. I believe that brokerage firms advertising themselves as trusted advisors and making no mention that any advice they provide is merely to aid them in the sale of
products is an instance of false advertising that the SEC should crack down on rather than give its blessing to.

I ask that you 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. It is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight.