Subject: File No. 4-606
From: Stephen J Woodard
Affiliation: Senior Marketing Analyst, Goldman Sachs

August 11, 2010

The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard.

Compliance costs-both in terms of finances and time - are high, and those costs are eventually felt by my clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.