Subject: File No. SR-FINRA-2010-059
From: Albert Kramer
Affiliation: President, Kramer Securities Corporation

December 31, 2010

Gentlemen:

Kramer Securities Corporation is a one man firm with Albert Kramer the principal, and has been a broker-dealer since 1965. I do hope that even though I am late and have missed the deadline for filing comments that you take into consideration my comments. Through November 2010 there are 101 fewer broker-dealers than in 2009, and 10% fewer than in 2005. It is the small broker-dealers that work with small investors and continually reducing the number of broker-dealers is detrimental to the small investor. The proposal to adopt Rule 4360 would put another nail in the coffin of the small firm. I clear on a fully disclosed basis through a major firm and do not handle securities and have to be concerned with forgery, or counterfeit currency because under current FINRA regulations I am not allowed to handle these items. In the past 45 years I have been exempt from having to carrying a bond, nor suffered any losses that would of been covered by a bond.

Most of the headline losses that have occurred in recent years have been by large broker-dealer firms that chief operating officers are not even aware of the rules and regulations that are on the books. It wasn't a small broker-dealer that put together mortgage packages that they sure would default and the sell them to investors and then bragged about how smart they were. Finally, they made settlements and paid multi million dollar fines, and are still operating. A few years back I recall the president major third market firm bragging how prior to the market opening they were taking enormous sell, or buy orders, and front running before the market opened. Their ignorance of the law finally came down on them because of their bragging and they were fined, however they are still in business today.

In recent history the greatest Ponzi scheme of all came to light because the regulators themselves were negligent in their audits of a major firm by forgetting to confirm that the securities claimed to be owned even existed in the firms safekeeping.

Please do not pass FINRA Rule 4360 unless you give exemption to the small broker-dealer one man shop. I am under tremendous stress financially and time wise and this new Rule would be very difficult to handle and be a threat to my continued operations as a broker-dealer.

I do hope that you will excuse my tardiness in my comments and consider them.

Albert Kramer, President
Kramer Securities Corporation
December 31, 1010