From: RMalis1936@aol.com Sent: Tuesday, June 25, 2002 2:13 PM To: rule-comments@sec.gov Subject: File No. S7-25-99 Re: File No. S7-25-99 To: SEC Commissioners By allowing certain broker-dealer activity a registration exemption from the Investment Advisers Act of 1940 is taking regulation away from those companies that have shown they need regulation the most. Please withdraw this proposal. Thank You, Roy Malis