From: Brennan, Michael Sent: Thursday, September 24, 1998 5:58 PM To: 'rule-comments@sec.gpv' Subject: Reference File S7-25-98 Mr. Jonathan Katz Secretary Securities & Exchange Commission 450 Fifth Street N. W. Mail Stop 6-9 Washington, DC 20549 Dear Mr. Katz: We have reviewed the SEC's proposed amendments to Rule 17Ad-14. We believe that the amendments are important steps toward full certificate immobilization. They also reduce the risk associated with certain types of corporate actions we now face in our current processing environment. We urge the Commission to approve the proposed amendments to Rule 17Ad-14. Very truly yours, Michael Brennan Advanced Clearing, Inc. Vice President & Director of Operations