Subject: File No. S7-25-99
From: William E. Austin

August 26, 2004

I urge you to WITHDRAW, not amend, the proposed rule for two reasons:

1. The proposed rule allows 2 standards of conduct. One for Registered Investment Advisors and a different, less stringent one, for Stockbrokers and their firms.

2. The proposed rule is anti-consumer. By permitting non-disclosure of conflicts of interest, it allows stockbrokers and their firms to misrepresent their primary sales role as one of a fiduciary advisor by receiving a fee for advise.