Subject: File No. 4-606
From: Michael J Middleton
Affiliation: Financial Advisor and Registered Representative

August 2, 2010

Registered Reps and the Securities industry are already over-regulated as is. I've never seen as much oversight in my 23 year career as what currently exists. Further regulation will not benefit consumers and may actually drive reps out of the industry and discourage others from entering into it which ultimately means there will be less advisors to provide needed advice and counsel to citizens. We simply need more common sense enforcement of the regulation which already exists. As it stands now, I can only use a compliance approved email address for all client contact, can't use text messaging on my personally owned and paid for cell phone for any client business, can't use any social networking websites (i.e. facebook, linked in, etc...)for any business purpose, etc..... Enough is enough as I and many colleagues continue to question why we even continue to carry and maintain a securities license when our compliance and licensing fees are at all time highs and compensation is reaching all time lows. Don't let the lack of current regulatory enforcement be an excuse for more regulation which will also likely not be able to be enforced or audited appropriately.