Subject: File No. S7-08-09
From: steven m vannelli, mr
Affiliation: Investment advisor

May 30, 2009

Dear SEC

As a professional investment advisor for 36 years there is no question in my mind that the SEC must re-establish it's position as the policeman of the securities markets. So far this decade it allowed a handfull brokerage firms
to get around the net capital rules and employee untinkable leverage, it has gone soft on hedge fund registration, it allowed pyramind schemes to exist, and it eliminated the "uptick" rule.

It is time for the SEC to become relevant to the investor it is to protect and reinstate an updated version of the uptick rule. If it fails to do this then the agency has no reason the exist.

Thank You

Steven Vannelli
San Francisco