Subject: File No. S7-25-99
From: Steve Schwartz
Affiliation: CFP

August 24, 2004

As a member of the financial planning community, I urge the withdrawal of the dealer exemption rule. There seems to be a double standard and the rule creates two standards of conduct for financial advisors, i.e., a higher standard for RIAs and a lower one under the NASA rules. Also, there seems to be an inherent exemption for disclosure of conflicts of interest. I think the playing field needs to be leveled, especially after the events of the last few years in the industry.