Subject: File No. S7-15-10
From: Gwendolyn Tibbals
Affiliation: Financial Services Professional

October 27, 2010

Ms. Elizabeth Murphy, Secretary of the SEC

I have been a registered representative for over 25 years.

I strongly object to the government's suggestion that Mutual Fund companies issue a new class of shares at NAV, which would allow nothing at all for compensation.
Your suggestion that broker dealers set their own fees to charge directly to the consumer will result in prce wars, eroding the accessibility of high quality service to people of average means; people who would not hire money managers to manage their portfolios.

If you succeed at implementing that change, what's next? Do you examine the mutual fund companies to determine how to remove any compensation they have?
Gwendolyn Tibbals
Financial Services Professional