Subject: File No. S7-25-99
From: Margaret C Smith

August 25, 2004

In an age where the public is asking its fiduciaries to be ever more diligent, the SEC is proposing a rule that will remove a level of fiduciary responsibility from broker-dealers. This is directly contrary to what is best for the consumer. Creating two layers of fiduciary responsibility will no doubt be of benefit to broker-dealers. The confusion this separation will cause for the general public will add to the ease of misrepresentation by broker-dealers and misunderstanding by the consumer. Where is the benefit to the individual?

The SEC is mandated to set up systems to protect the public. Please withdraw this proposed rule S7-25-99 and let all those who act as investment advisors be required to have the same high level of fiduciary responsibility.

Thank you.
Margaret C. Smith