Subject: File No. 4-606
From: Michael J Sedam

August 6, 2010

A fiduciary standard should be reserved for those with the experience and licensure to practice in that manner. To require this for all registered reps will simply dilute the value of the standard and create a barrier to entry for the career. As one who practices under the fiduciary standard, I oppose any mandate for all registered reps to practice under this standard.