Subject: File No. S7-25-99
From: Nancy C Gimmestad, CFP

September 16, 2004

I am writing to object, strongly, to the proposed adoption of the rule titled Certain Broker-Dealers Deemed Not To Be Investment Advisers. Your adoption of this rule would comprise a significant financial danger to investors left unprotected by regulations that now offer significant protec tion to all clients of registered investment advisers. If you were to adopt the rule you would leave clients of exempted broker-dealers without protection from deceptive advertising, self-serving actions that would allow broker-dealers to place their own interests above those of their clients, and many other abuses. To allow any investment adviser exemption from rules and regulations designed to protect individual investors would be both unethical and a violation of the sworn duty of SEC Commissioners to protect investors from the harmful actions of crooked investment advisers.

I urge you to take a principled stand that reflects your fiduciary obligations to unwary investors. Reject this proposed rule once and for all.

Nancy C. Gimmestad, CFP