Subject: File No. S7-25-99
From: Mark W Rekow
Affiliation: FPA

August 23, 2004

Please withdraw the above referenced rule. From both a consumer as well as professional perspective, brokers and registered investment advisers should be held to the same fiduciary standard when dispensing financial advice. Not to do so would be to potentially give consumers less protection, while placing an unfair tax on RIAs.