From: Reed C. Fraasa, CFP, CLU [rfraasa@tfallc.com]
Sent: Monday, June 24, 2002 4:13 PM
To: rule-comments@sec.gov
Subject: File # S7-25-99

I am very disappointed in the SEC's position that the public is better served by 
the proposed rule to exempt certain broker-dealer activity from registration under 
the Investment Advisers Act of 1940.  In view of recent events involving matters 
of confidence and integrity, this is not the time to be more liberal.

Reed C. Fraasa, CFP, CLU
Tyras, Fraasa & Associates, LLC
210 Route 4 East Suite 308A
Paramus, NJ 07652
rfraasa@tfallc.com
201-587-1080