Date:    05/07/2000  1:38 PM

Subject: Opposition   File No. S7-25-99
 
Respectfully, I am opposed to SEC Release Nos. 34-42099; 1A-1845, "Certain 
Broker-Dealers Deemed Not To Be Investment Advisers"
Special Interests should not prevail. 
Exceptions to rules and complex level differentials are detrimental to the 
American citizens who trust you and me to work on a level playing field. 
Thank you for the opportunity to voice this opposition
Tom Ward, CFP, J.D., CRPC