Subject: File No. 4-606
From: John R Kendall

August 24, 2010

I have been a licensed registered representative since 1976. IN 35 years, I've seen compliance standards go from almost non-existent to heavy, punitive, and repetitive. I spend a great deal of my work week insuring compliance which gives me far less time trying to do a good job for my clients. Compliance standards are such that now they are instituted with the sole intent of saying, "I covered my butt. Let the rep fend for himself".

If this legislation goes through, I will give a great deal of thought to retirement. Not something particularly beneficial for my 400+ clients.