Subject: File No. 4-606
From: Andrea R Maleki
Affiliation: Small Business Owner, State Farm Insurance

August 12, 2010

I have concerns about the impending increased legal fiduciary regulations that are about to be imposed. My concern is that all broker-dealers and registered representatives are on the verge of being held by the SEC to overly stringent new legal fiduciary duties which could easily subject us to never-ending lawsuits. These new regulations will drive everyone to a fee-only model and will have a profound effect on how we serve our clients.....or whether we can even continue to do so.
My specific concerns are as follows:

1. Suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.
2. 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.
3. Additional risk of lawsuits involving registered representatives will increase costs to consumers.
4. Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.

Thank you for your time. Sincerely, Andrea Maleki