Subject: File No. S7-08-07
From: Eric Gamble, Ph.D.
Affiliation: College Educator

October 25, 2012

I believe a clear binary line between being a fiduciary and non-fiduciary should be established. This move can aid in reestablishing trust in financial markets, between buyers and sellers of investments. Also, knowing the profit motivations of all parties involved in an investment is a very desirable environment. A person or an entity with the ability to play on both sides of an investor's transaction bring a certain conflict of interest that does not need to exist.

The SEC NEEDS TO PROTECT the retail investor