Date:    05/08/2000  9:47 AM

Subject: SEC Proposed Rule Excepting Certain Broker-Dealers from
	In
 
To Whom It May Concern:
     
I want to express my opposition to the above mentioned rule.  As the owner 
of a small investment advisor who is registered with my state as well as 
having an affiliation with a broker dealer, this rule seems quite unfair. As 
a small player, I work very hard to stay current on financial advisory 
issues as well as regulatory issues.  Because of my dual affiliations, I 
have much more regulation to deal with than an individual who is associated 
with a large broker dealer.  I would also point out that much of this 
regulation is NOT redundant in nature.  It is inconsistent to have broker 
dealers, many of which do not have representatives with the credentials of 
many RIAs to be exempt from RIA regulation, either through their state or 
the SEC.  The three exceptions noted in the proposed rule are largely 
transparent to the consumer and the additional regulation required by RIA 
registration can be a protection to the consumer.  While I feel that the 
rule should not be passed, some competitive protection should be extended to 
small RIAs if it is.
     
Linda Yows Leitz, CFP