Subject: File No. DF Title IV - Systemic Risk Reporting
From: Ron Medley
Affiliation: President, Moloney Securities Asset Management

August 17, 2010

Pursuant a reading of Section 410, conversation with both industry peers and SEC staff, it seems there are alot of questions that remain regarding the Asset threshold for federal registration and its implementation.

This rule as stated is to go into effect one year from signing, or July 2011. The annual look at assets under management to update firm filings generally happens in the 1st calendar quarter of the year. I would like to suggest that the amount of time advisers and states have to prepare for this implementation, regarding state vs SEC registration, is at least until the 1st quarter of 2012 when the assets under management refresh will happen first under the new rule. This will at a minimum provide enough time for changes in these rules and their impacts to be planned for by the SEC, state regulators, and advisors.