The National Association of Securities Dealers got plenty of responses from banks when it recently sought public comment on its plan to regulate bank-affiliated brokerages. But a handful of nonbank companies weighed in with views, too.

Among them was A.G. Edwards & Sons Inc., a St. Louis-based brokerage firm that many banks view as a fierce rival. Following are excerpts from the firm's four-page letter of comment, written by Brian C. Underwood.

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