Subject: File No. 4-606
From: William M Fris

July 30, 2010

Isn't it enough that registered Reps have to put up with enough paper killing regs and now they have to become fiduciaries which will lead to another pile of red tape. The average investor just wants t be treated fairly and any REP worth his salt does that otherwise he/she is not in business anymore. At what point does personal risk associated with investing take over or are we going to constantly blame the REP if the investment sours. There is enough disclosure already. We don't need more red tape