Subject: File No. S7-25-99
From: Sophie Kaluziak, CPA

February 4, 2005

The re-proposed rule still does not satisfy the main issue for consumers: if a broker-dealer wants to give advice that goes beyond the traditional buy this, sell that because, then it should register under the 1940 Advisers Act. Exemption from the Advisers Act denies consumers important protections that simply do not exist in the broker-dealer sales-oriented regulatory environment.