Subject: File No. S7-14-08
From: William K Egan
Affiliation: CLU

August 21, 2008

Just wanted to voice my opinion on this issue. There is only one reason this bill has made it this far....money. The broker-dealers want this to be considered a securities transaction because they lose out on revenues generated by financial advisors. Many B/D's now carry only a few IA's...they really don't want to promote the sale of these products. Passing of this rule will dramatically impact the earnings of many representatives across this country that are NOT securities licensed. We don't need more regulation. These are great products for the public and we, as financial professionals, should be allowed to earn a living.