Subject: File No. S7-25-99
From: Scott Bailey

September 10, 2004

Dear Sir or Maam,

I am writing to strongly urge you to withdraw rule S7-25-99. As an investor, CFP practitioner and member of the Financial Planning Association, I feel that it is extremely important that investors have as much transparency as possible when it comes to receiving investment advice. My understanding of this rule is that it continues to allow salespeople in the industry to pretend they are objective and offering unbiased advice, when they, in many cases, are receiving a financial incentive to offer this biased advice.

If the SEC is truly fulfilling its role as advocate for the investor, it must withdraw this rule. Thank you.

Scott Bailey