Subject: File No. S7-14-08
From: Donald A Mercurio
Affiliation: Mercurio Associates Inc, President CEO.

August 11, 2008

I have been a licensed insurance and securities representative for the last 23 years. I have been helping my clients with their investment portfolios for all that time.

Over the last 5 to 7 years we have used many of the FIA as a major part of many of our clients holdings that want and desire safety in their portfolios. It has helped every one of them to protect their investments during the rough years (2000-2002) and has helped almost all of them to gain more during the good years (2003-2005) than they would have using other investment products.

I disagree with the proposed rule as it now stands I do feel the representatives selling these products should be security licensed or a RIA/CFP to sell them. It is impossible for someone with no knowledge of how a mutual funds/stocks/bonds works, to advise against their use. FIA's are good products but cannot be used in every situation. But having the SEC regulate these products does not make since either. These are not securities and the broker dealers whom are watching over them now do not have a clue how they work.

I would urge the regulatory body to not act in haste they are not bad products, just used poorly in some cases. If it were required to be a RIA or CFP or licensed security representative, I believe better choices would be made as to how these products are used.

D. Alan Mercurio
Registered Representative offering securities through 1st Allied Securities Inc., - Member FINRA/SIPC / Investment Advisory Representative offering services through First Advisors Inc.