From: KEVIN P SHAY [kpshay@prodigy.net] Sent: Tuesday, July 16, 2002 4:29 PM To: rule-comments@sec.gov Subject: File No. S7-25-99 At a time when the level of trust for various professionals related to securities is at a very low level I do not think it is a good idea to be decreasing regulation of investment professionals. Instead, more regulation may be in order. I oppose the proposed rule that would exempt certain broker-dealers from investment advisor rules. Kevin P. Shay (210) 497-6300 FAX (210) 497-6333 kpshay@prodigy.net