Subject: File No. S7-14-08
From: Warren E Reder
Affiliation: Financial Services--Sales--Securities Licensed

September 4, 2008

I am securities licensed and have been selling FIA's for about 5 years. The reason Broker Dealer's want this changed is purely greed in its purest form. They don't like the idea that the senior client wants preservation of principal and no risk. They really don't get it--in fact they are probably upset because they didn't think of it first. Rather then let their agents sell the product for the insurance companies they are going to try to regulate the industry and make more commission for the company. The NASD is obviously trying to protect the incomes of the Securities Dealers and the Representatives not the assets of the seniors. I have seen so many abuses in the securities industry they really need to look in the mirror and worry about the fees and try to explain to people why they won't let insurance people market the product. If it is so bad why are they going to start marketing the product now. Again they are only looking out for themselves and the BIG Broker Dealers. The last thing that comes to mind is just think--Monoply--lets just limit the competition so we can make more money. One BD I had recently--when they started regulating the product for the securities reps. decided what products I could sell then said I was going to have to take a lower commission--and they would make the difference--WHAT A JOKE Again ask 1 major question--who are they trying to protect?