Subject: File No. 4-606
From: Warren Kalmenson

August 11, 2010

Broker Dealers / Brokers do not need new or additional regulation. We are already held to be accountable by many Government agencies.

The present standard of Suitability requires a Broker Dealer / Broker to evaluate a prospective clients understanding of an investment and their risk tolerance. Investments are made with long term time frames and many things can change in the future which would require the investor and advisor to work together on a regular basis to carry out the objectives and goals of the client.

The Fiduciary Standard would cast an unfair and unpredictable liability on the Broker Dealer and Broker as this standard tends to reflect on the past.

The creating of another layer of regulation will only serve to increase the cost of doing business without achieving any positive benefit for the investor.

We should be encouraging investors to work closely with their Financial advisor.

Thank you for taking the time to read and consider this position.