Subject: File No. S7-25-99
From: Susan B Stoller

September 7, 2004

I disagree with the exemption of certain broker-dealers from the regulatroy process that other financial advisors must undergo. I believe such an exemption seriously disserves consumers/investors, especially in light of the kinds of corruption we have seen, even among the regulated positions. I urge the Commission to reconsider and reject the exemption for this category.
Thank you.