Subject: File No. 4-606
From: Eric P Strom

August 24, 2010

I am writing not in favor of the fiduciary standard for broker-dealer transactions with the buying public. Broker-dealers have brought investments, which were the province of well-monied clients, to a price point in which any American, who can save $500, can invest in managed funds with greater professional and regulatory oversight than ever before. Any American can save their money at a bank and incur no risk on depository products under the FDIC limit. If they want to invest, current law provides ample protections against fraud and bad investment practices, while this provision seeks to regulate judgment of the investment, leaving no responsibility of risk to the client. This will drive B/D's out of the A and C share mutual fund business, leaving clients with nobody to talk to about smaller investments, because investment advisory, fee based ideas do not work with smaller sums of money. If a client wants a tranactional relationshio, but the law requires a fiduciary one, then the client cannot simpy buy an investment, but must buy a fee-based advisory service.

This law limits choices for the buying public.