From: Malinda [bobgcm@pacbell.net]
Sent: Tuesday, June 25, 2002 1:19 PM
To: rule-comments@sec.gov
Subject: File No. S7-25-99

DEAR SIRS/MS.

I WANT YOU TO KNOW THAT I AM OPPOSED TO THE SEC ADOPTING THE PROPOSED RULE
"CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISORS".  ADOPTING
THIS PROPOSED RULE WOULD MAKE THE INDUSTRY AN UNFAIR PLAYING FIELD AND
INCREASE THE RISK TO THE CONSUMER.

SINCERELY,

ROBERT J. GIBSON