Subject: File No. S7-25-99
From: Mark Greenberg
Affiliation: Investment advisor, JD

January 14, 2005

Absolutely no reason to carve out a favored exemption for the stockbrokerage world. For years they have been moving towards a money under management/advisory role, yet because they still sit in a brokerage environment and take commissions means they shouldnt have to make disclosures to their clients and confrom to the same ethics that all other advisors must?

Makes no sense. Stop playing favorites...especially in this day and age of increased not decresased regulation.