Subject: File No. 4-606
From: Darrick E Munsch

July 31, 2010

The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. There is no need to add another layer of regulation. Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.