Subject: File No. 4-606
From: Gregory V Cismoski

August 12, 2010

My Comments regarding File No. 4-606 Study Regarding Obligations of Brokers, Dealers, and Investment are as follows:

- Advisers Suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.

- Requiring compliance with 'fiduciary standards' will drive many advisers out of the market and eliminate a valuable advisory resource to consumers, especially in middle- and lower-income markets.

- Additional risk of lawsuits involving registered representatives will increase costs to consumers.

- Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.

Thank you for your consideration of my comments.


Greg Cismoski