Subject: File No. 4-606
From: James F Sheridan

August 2, 2010

I would like to comment on the proposed Fiduciary Standard that the SEC is considering. I really do not think that this standard is necessary as most investment and insurance professionals I am familiar with already are putting their clients best interest first. Please do not succumb to the temptation to over regulate because of a few apples. Instead go after those few bad apples and really hit them hard to set examples to others who might consider illegal or unprofessional conduct. I am also worried about the proposed wording and the regulations and legal liability that will result from havein the proposed Fiduciary Stanard.

As an investment professional I believe investment professionals are already acting in the "best interest" of their clients, 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.

Please do not over regulated our already heavily regulated business.