From: JohnBorger@aol.com Sent: Sunday, June 23, 2002 3:59 PM To: rule-comments@sec.gov Subject: File No. S7-25-99 To Whom It May Concern, I am a state registered investment advisor and will some day become a SEC registered investment advisor. I believe that all advisors and brokers that provide advice should be subject to the same rules and regulations, the Investment Advisors Act of 1940. It is not right to deem certain broker-dealers not to be investment advisors if they provide the same services as investment advisors. This gives them an advantage and will end up hurting the people the SEC needs to protect, the general public. I urge you to withdraw the proposed rule, or subject everyone to the same rules and regulations. Sincerely, John Borger Registered Investment Advisor Royal American Financial Advisors, LLC 29950 Haun Rd. ~ Suite 205 Menifee CA 92586 909-679-2065