Subject: File No. S7-14-08
From: Robert Vrzak

October 21, 2008

When considering this matter, please take into consideration the total impact on the consumer. I appreciate that you want to protect the consumer, as do I. If this requires a Registered Rep/Stock Broker (RR) to sell them, they will sell Stocks, bonds and Mutual Funds instead of the the SAFE and SECURE Fixed Indexed products, just like they do now. Fixed Indexed products did not loose any money in this 20-25% down market. RR who are able to sell Fixed Indexed products now, choose not to. Because they are trained, conditioned and compensated to push Equity products. If you would have changed this law 10 years ago, think how many consumers would been sold Equity products, instead of FIxed Indexed products and how much money they would have lost. I believe if you look into your/our crystal ball, 10 years from now, if you change it to a security, this nightmare with a 20-25% down market would affect more consumers. Please remember a quote I read years ago, "It's easy to put someone else's money at risk, especially when your getting paid for it." I believe that it would be a great mistake to consider this a security, as I stated above, the consumer is at risk of loosing their nest eggs and having Fixed Indexed products a security, meaning have RR sell them, you will be doing more harm to the consumer.