Subject: File No. 4-606
From: Larry L Quigley

August 24, 2010

I strongly object to a new "fiduciary standard" being imposed on Registered Representatives.

The suitability standard by which we are now governed is already extreme oversight. It does a good job of preventing problems BEFORE they happen by requiring attention up and down the chain. A fiduciary standard is helpful only after a problem has occured.

I just scheduled my regular ANNUAL securities audit required by my broker-dealer, Sunset Financial Services, and will, once again, pay over $700 for this "privilege". An outside, independent, professional will spend a day going over my files, records and reviewing my procedures, including how I determine suitability.

And you think this and all the other oversight from my broker-dealer on every piece of business I do is not enough? There is so much paperwork and double-checking going on now that this business is less and less profitable. More regulation and paperwork will add to that burden. It will cost more and that cost will eventually be passed on to the consumer, if he can still get the products or the professional assistance we registered reps provide.

I have been in this business for several decades and securities licensed for over 20 years with not a blemish on my record. I, personally, will exit the business if the regulation increases to that level. I suspect many other worthy professionals will, as well.

Larry Quigley