Date:    05/07/2000  10:17 PM
Subject: rule-comments for file No. 4-433

Jonathan G. Katz, Secretary
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549-0609
     
May 7, 2000
     
     
Mr. Katz:
     
I am concerned about the interrelationship of Form ADV, status as an investment 
professional (possibly without the filing of Form ADV), and the obligation to 
pay exchange professional rates for real-time quotes. This does not seem to be 
within the Agenda for May 23, 2000.
     
But I think there should be reasonable exclusions from the requirements and 
obligations to deem oneself a professional. For instance, I have managed 
corporate and profit sharing funds for my corporation, and believe the wording 
that I have seen from several on-line quote services and brokers would exclude 
me from taking advantage of the low exchange rates for non-professionals, or 
would make me contingently liable for the professionals' rate, at some future 
time if my services are deemed to be "professional". [if this email is made 
available to the public, please exclude this square bracketed comment and the 
following bracketed sentence.] {My "nightmare" scenario: my 22,000 shares of a 
biotech stock that zoomed to a 3000% gain in 6 months leads to an 8-K filing, 
which leads to publicity, which leads to a retroactive bill from my broker.}
     
My sense is that many people who technically are using quotations for 
non-personal use are ignoring this fine print, and others are not taking 
advantage of on-line quotes (precisely for this reason, I do not use my broker's
on-line real-time quote services) because of the "professionals" provisions. If 
more people used the quotes, the markets would be more efficient, and the cost 
per customer lower, so I encourage the Roundtable on Investment Adviser 
Regulatory Issues to visit this issue. If brokers are misinterpreting the 
exchange rules about professional and non-professional use, they need to be made
aware so they do not mislead their customers.
     
Please bring this up as an additional subject.
     
Thank you.
     
Bernard E Klein
3000 Stirling Road
Hollywood, FL  33021-2099