Date: 05/08/2000 9:43 AM Subject: proposed rule Chairman Levitt, As a formerly SEC licensed sales rep and now as a fee-only advisor, let me assure you that it would be a horrific mistake to allow an exception from registration as proposed. From first hand knowledge, there are more sales shenanigans and pressure tactics, not to mention non suitability and outright fraud, among the securities industry than has ever been reported. You should instead stiffen rules, including full disclosure of all compensation. If this change goes through YOU will be responsible for hundreds of future abuses. Sincerely, W. Joseph Harper, CFP