Subject: File No. 4-606
From: JOY E MORSE
Affiliation: CEO, Joy Morse Insurance Agency, INC

August 4, 2010

Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.
I hold a 220, 215, and Series 6 license. The compliance involved with the 220 215 license is 14 hrs of CE every other year due to time in the industry. The Series Six license requires annual compliance review of about 4-6 hrs in length annual ce of 4-8 hrs in length. Much time in the office is spent in compliance of the files, each must be documented when speaking to the clients, Many of my collegues have given up thier securities licences due to compliance regulation, I feel we are regulated enough. More regulation takes more time away fromt he clients. I feel taht the Bad guys cause more regulation for the good guys.

If liabilites fees become too great, as a small business owner I will have to rethink my strategy of holding a series 6 license.