Subject: File No. S7-25-99
From: Paul Beenen

September 11, 2004

I am an investor, not affiliated with any financial institution, nor am I a CFE, nor do I have any friends, family or relatives who are financial planners, lest anyone think there are any conflicts and/or biases towards financial planners or institutions.

I feel strongly that stockbrokers should have full and open disclosure about any compensation they receive and regulatory actions/disciplinary actions they have incurred related to any financial advise they dispense to all clients, especially in view of the many abuses that have ocurred in the marketplace. This should be done not only verbally but especially in hard copy for the potential client to study as to whether to use their services.

Thank you.

Sincerely yours,

Paul Beenen