Subject: File No. SR-FINRA-2012-031
From: Ron Snyder
Affiliation: President, Selkirk Investments, Inc.

July 20, 2012

This letter is to register this firm's opposition to any fee increase. FINRA needs to operate within its budget as the members are required to do. At a time when revenues are down and business is difficult because of continual regulatory changes I am extremely angry that FINRA has the audacity to request more money from members. Given the average annual compensation at FINRA of $174,000 I would say it is very likely the employees of FINRA make more than the people paying the freight


Ron Snyder