Subject: File No. S7-25-99
From: Mark Nickell

September 17, 2004

I urge the commission to rescind the proposed broker-dealer rule. The rule as it stands creates confusion regarding the role of the broker. We need more clarity, not less.

The recent bear market exposed a weakness in the delivery of financial advice to the marketplace. Many naive customers understood they were receiving thoughtful advice. The reality is that they were being sold investments with questionable merits by advisors who were not on their side.

Clear distinctions must be made to the consumer, so they understand whose side of table their adviser is sitting on.

Please withdraw the rule. Do not let confusion reign.