Subject: File No. S7-25-99
From: Michael R Steiner
Affiliation: Financial Planning Association, American Institute of CPAs

September 8, 2004

I am formally requesting that the Securities and Exchange Commission withdraw the proposed rule entitled Certain Broker-Dealers Deemed Not To Be Investment Advisors as proposed on November 4, 1999.

Why should broker-dealers who provide financial advice be exempted from registering as investment advisors while not being subjected to the same fiduciary standards as existing registered investment advisors? This will not protect consumers. In fact, it could have an opposite impact to consumers. In effect, this rule would create two different standards for practitioners offering the same advice. Who wins here? Well, the broker-dealers win because they can do the same as registered advisors without being held to stringent fiduciary responsibilities. Instead, they are subject to the lower standards of the NASDs suitability rules.

Again, I urge the SEC to withdraw the proposed rule.

Thank you for your time and consideration.

Michael Steiner