Subject: File No. S7-25-99
From: Mary Shefveland, Ms.
Affiliation: Contract Manager, Cisco Systems, Inc.

August 24, 2004

I urge you to 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.

Brokers do more than just sell -- they provide advice and guidance, even if its biased. Removing the requirement of broker to comply Securities of 1940 would be irresponsible. In light of all the negative impact on individuals in the last few years due to irresponsible behaviour by corporations and executives, Im appalled that the SEC would even consider this proposal.