Subject: File No. 4-606

August 27, 2010

I am opposed the proposal to increase the fiduiary requirements of registered representatives. As a multiline insurance agent and a registered rep, I deal exclusively with middle-income people. They cannot afford to pay a fee for advice, most will not if they can afford it. A huge number of individuals will be excluded from the market place if this enacted. Only the well-to-do will be able to participate. Furthermore, small agencies like mine will cease to exist. We cannot afford any more regulation. Who will care for the small investor the large brokerage houses don't want?

The current suitability rules, if enforced, are more than adquate to protect the public. If this proposal is enacted, every action we take will be subject to after- the- fact scrutiny and interpretation by trial attorneys, who will ultimately make the suitability rules through litigation.

We have strong suitability rules in place. This is a solution looking for a problem. You cannot legislate integrity, but you can hang the thieves.

Sincerely, Ray Bunnell