From: Joe Pennington, CFP [jrpenni@azstarnet.com] Sent: Sunday, June 23, 2002 5:27 PM To: rule-comments@sec.gov Subject: File No. S7-25-99 Sirs: I have been in the financial services industry for over 20 years providing investment advisory services. I believe the proposed SEC rule, "Certain Broker-Dealers Deemed Not to be Investment Advisers" has to potential to do more harm to more people than the "Enron" mess. The SEC should stand on principal, protect the American public and simply withdraw the proposed rule. Joe Pennington, CFP, FAF Personal Financial Advisors, Inc. PO Box 65300 Tucson, AZ 85728-5300 Voice (520) 529-1591 Fax (520) 577-9096