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

September 14, 2004

I urge you to WITHDRAW the proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940.

It is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight, especially when the company involved is PRIMARILY in the business of selling products that the products upon which it gives advice. Such a company should not be allowed to market itself as an advisor if it is not willing to be regulated as such.

Thank you,

-Paul Loos