Subject: File No. 4-606
From: Michael J Bernard, FIC
Affiliation: Vice President, NAIFA Sanford, NC Chapter

August 24, 2010

The existing 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 clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.

I feel the existing regulations, when upheld, provide adequate due diligence for protection of clients' assets.