Subject: File No. 4-606
From: Stan Mock, CFP
Affiliation: College of Financial Planning, Financial Planning Association, National Association of Financial and Insurance Professionals

July 28, 2010

I am very opposed to more regulation. The financial services industry is currently regulated to the point that it is getting harder and harder to find the time to take care of our clients.

If government would just enforce the current laws it has already put on the books, there are more than enough opportunities to find those who will not/are not taking care of their clients to the best of their ability.

More laws or regulations are not the answer. An enormous case in point that will have a huge impact on all of us is the failure of all the SEC audits done on Bernie Madoff. In just a few minutes anyone who was actually doing an audit would have discovered there were no third party statements given to the clients, the numbers and loss ratios he supposidely achieved were not possible, and a 1% per month return was impossible to legally achieve using any strategy or combination of currently known strategies.