Subject: File No. S7-25-99
From: Robert R. Chandler, M.D.

July 25, 2004

To Whom it May Concern:

I wish to express my opinion of the proposed rule exempting broker-dealers from the definition of investment adviser, as would be the case by adopting File No. S7-25-99, Certain Broker-Dealers Deemed Not To Be Investment Advisers. I feel that any broker who provides investment advice should be held to the same standards as any Financial Adviser and be covered by the Advisers Act of 1940. There have been many scandals in the investment brokerage industry lately, and the SEC should be not be doing anything that will loosen regulation of brokers. I believe that this would be a grievous mistake. I am an individual investor and not affiliated with any brokerage house or investment adviser group. I do not use an investment adviser and I use a broker to make my investments.


Robert R. Chandler, M.D.