Subject: File No. S7-02-12
From: Sheila Waddell

July 18, 2012

Although I've not read the entire 118 page proposed rule, I'd like to impart to you how astounding it is to have to implement a rule like this when there has long existed a dark market of trading, short selling and insider trading when it's obvious that everyone's turned a blind eye to prudential and fundamental regulation. Until now, the customer was never the main focus. Now that the fox has been caught in the chicken coop, the ultimate customer has to be defined. Identity theft has existed almost forever. I can now appreciate the efforts of the SEC (Commissioner Shapiro) and its enforcement partners. Yet and still it's amazing that prior to these efforts, trading executed in real time. Now that there are ongoing efforts in getting to the truth, real time has dissipated.