Subject: 'File Number S7-09-09'

July 1, 2009

I run a small-time investment advisory service, with less than 10 million invested. There is no way that I could afford the fees for a cpa to do an audit. This rule may well put me out of business. I have never had a complaint, and follow the rules carefully.

It seems unfair that the many who obey the rules suffer because of a few law-breakers

Don Slabaugh