Subject: File No. S7-06-08
From: John S Miller
Affiliation: CEO, Colonnade Securities LLC

April 16, 2008

I hope you will exempt firms that do not take customer funds. We just do MA advisory work and institutional private placements. We spend a ridiculous amount of time trying to comply with regulations that have zero relevance to our business. We are essentially a consulting firm. We never touch anybody's money and never open or maintain an account. Please keep it simple and exempt firms that don't work with consumers. Thank you.