Subject: File No. S7-25-99
From: William Ennis

February 7, 2005

RE: S7-25-99

Dear Sirs:

I request that the Commission withdraw its re-proposed rule regarding Certain Broker-Dealers Deemed Not to Be Investment Advisers. My objection to the re-proposed rule is based upon my belief that exempting Broker-Dealers from the Advisers Act denies investors important protections that do not exist in the broker-dealer sales-oriented environment.

The Commission has previously received a letter from the Certified Financial Planner Board of Standards, Inc. dated February 6, 2005 which does a thorough job of explaining why an investor’s interests are harmed by the re-proposed rule. I believe it most expeditious to make reference to, and endorse the Board’s letter rather than recanting the various objections listed therein.

I appreciate this opportunity to be heard by the Commission.

Respectfully submitted,

William Ennis