Subject: File No. 4-606
From: Wayne R Pietri
Affiliation: Next Financial Services

July 30, 2010

I am against further regulation which you are considering.

No matter what regulations and responsibilities you add you will not stop the dishonest broker from cheating the public.

Further regulations will only increase the cost for the honest broker.

As it is now current regualtions have caused brokers to refrain from handling the small investor.

Compliance costs are high. Paperwork is extremely cumbersome and time consuming.

Errors and ommissions insurance will increase and the result is that some brokers will leave the business.