Subject: File No. 4-606
From: Todd Gaswick
Affiliation: Financial Advisor

July 31, 2010

I strenously oppose this Act. We need look no further than our neighbors to the north, and England to see what this type Act would have on our industry. It will drive the vast majority of personnel in the industry out of it which does no good to the tens of thousands of citizens across this country that count on or need the advice of their agents. The Act does not define what the rules are for compliance with a legal "best interest" standard - thus subjecting registered representatives to the potential of never ending lawsuits. For example, is "best" the cheapest recommended product? The "best" premium relative to the benefit of the product? The product with the "best" historic underwriting and service standards? Is it the one from the carrier with the "best" rating? The fiduciary standard in essence adds a vague legal liability standard that looks back (sometimes after many years) and is enforced after the fact by the SEC or trial lawyers who have perfect vision in hindsight. In short, this mirrors so many other Acts and legislation that we see coming out of Congress -- legislation that adds more regulation on top of similiar regulations when adequate legislation already exists but isn't enforced.