August 8, 2009
Proposed custody rule (IA-2876) is overkill! Honest advisors are struggling to keep up with the mounting regulations as it is – and the costs associated with so doing are burdensome. Those advisors who can not afford to operate and pay for compliance are prohibited from expanding their state-regulated practices already. Please, enough is enough. The present disclosures and procedures seem more than enough to catch inappropriate actions. Dishonest advisors, it seems, even when complaints are put into the laps of the regulators, go unattended. Where is the balance here?
I urge you NOT to pursue S7-09-09.
Thank you for your attention, Ed Ostrom