Subject: File No. S7-25-99
From: Stephen M Edwards

January 28, 2005

Please revoke the 1999 ruling exempting brokers who work for broker dealers from having the same rules and regulations as registered investment advisers. As one who lost hundreds of thousands of dollars in the last few years working with a broker dealer who was not subject to these regulations, I believe it is in the best interest of investors to have one standard throughout the industry.

I also believe it is the SECs job to protect individual investors - not the securities industry. Brokers and broker/dealers should be held to the same standards of conduct and disclosure laws as a registered investment advisor especially if they market themselves to the consumer as such. If the SEC truly has the best interest of the consumer in mind, withdrawing this exemption would be the only responsible action to take

Thank you for your consideration.