Subject: File No. 4-606
From: Ben Aranda
Affiliation: NAIFA Los Angeles,

August 27, 2010

As a registered representative I truly believe our industry have been regulated enough We do not need anymore new liability-ridden fiduciary duty. Our concern if the resulting regulation is not done correctly it will have a very profound impact on how I serve my clients or even whether it is appropriate to continue to do so.

What you need to do is find ways to stop the Maddoff out there, who for some reason knows too much and was able to circumvent the rule. Learn from that lesson and find out what you can do differently to detect those type of people in time to prevent hurting the clients and the market.