Subject: File No. 4-606
From: Paul Morton

July 30, 2010

I hold a series 6 and 63 license, and since I have had these licenses, my administrative work-load has more than doubled in dealing with compliance alone. I have to file every securities-related email and get everything sent out to clients approved with my broker dealer, and each quarter I have to submit all business activities for approval. On top of that, I have to take tests every few years to keep these licenses. By adding more compliance regulations with imposing a fiduciary responsibility on regestered representatives, my clients will get less service and more hassles. I already have to give up face-to-face time with my clients, and they can't get the service they deserve if I'm stuck in my office filing more and more compliance paperwork. If every registered represtative has to carry this additional fiduciary responsibility, there is a possibility that less transactions will occur on Main Street, and because of that, more stress will be put on Wall Street. If this new regulation passes, it could adversely affect the well-being of my clients. By carrying this extra responsibility, I'll be carrying an extra liability, and I might have to get licensed to charge a fee for my clients. I do not want to charge a fee, but it seems I may have to protect myself to do so. This would create additional cashflow burdens on Main Street, so less money will be added to my client's top and bottom line. This new regulation hurts all parties involved and should not be passed.