Subject: File No. 4-606
From: Lyle F Hill
Affiliation: Managing Principal - Waddell Reed Inc. Montana

July 30, 2010

I am writing in opposition to the purposed fiduciary standard when the securities industry already has a suitability standard. I disagree that the fiduciary standard has protected consumers better. Basically, the fiduciary standard looks back and enforces breaches retroactively through SEC enforcement or private lawsuits. The suitability standard looks forward and tries to prevent harm to consumers through ongoing and frequent FINRA and broker-dealer audits and compliance processes. I believe that the securities industry has more than enough regulations, The need is for those regulations to be enforced.