Subject: File No. 4-606
From: Gregory Bendinger

July 30, 2010

Holding broker/dealers to a fiduciary standard is poor legislation. It doesn't improve anything and creates retrospective action where prospective action is needed. The current standard is more than adequate which requires that suitability standards must be met. On a number of occassions I have not been able to do what a client wants done with their assets because they did not meet the suitablity standards. Protection of consumers is extremely important. This does nothing to improve their protection.