Subject: File No. 4-606
From: John Waugh

July 30, 2010

I am contacting you in regards to the potential legislation that will put more regulation on registered reps. We are now required to have continuing ed, meet strict guidelines by our companies and follow what NASD and SEC requirements have been mandated. I don't feel the government is able to protect the innocent from unscrupulous advisors, registered reps or insurance representatives. The laws are for the lawless and if you are an honorable and caring servant, then once again I am penalized by the "bad apples." More restrictions and more cost will finally create an atmosphere where people will no longer compete in the arena and underserved clients will make mistakes doing it on their own. Making investing and financial decisions should be easy, honesty should be the forefront and a high level of service the key. More layers of rules and regulations will not help the situation. Helping people to compete with sound business practices should be the goal of the free market. Creating opportunities for more investing and helping our economy would be greatly appreciated.

John Waugh