The following Letter Type B, or variations thereof, was submitted by individuals or entities.

Letter Type B:

We write to commend the Securities and Exchange Commission (SEC) for
its recent rulemaking proposing standards of conduct for financial
professionals. As individuals, businesses and financial market
participants, we believe the SEC — with jurisdiction over all types of
financial professionals and their accounts — is the appropriate agency
to address relevant standards of conduct.

We believe the proposed rulemaking takes a balanced approach that
builds upon the well-established broker-dealer regulatory regime and
the antifraud protections under the securities laws. We were pleased
to see the SEC and Chairman Clayton recognize that an important goal
of this rulemaking is to further investor dialogue and spark
conversation. Our overarching concern has been a reduction or
elimination of commission-based brokerage services and the resulting
impact on investor choice and control, which was an unfortunate result
of the Department of Labors Fiduciary Rule.

While there are areas where the SEC can provide additional clarity,
guidance, and certainty for firms seeking to comply with this
heightened standard, we encourage the SEC to finalize this
long-anticipated rulemaking. We are confident that a final rule will
promote investor understanding and choice, maintain appropriate
flexibility for firms and investment professionals, and adhere to the
SECs long-standing and effective disclosure regime.

We strongly support the rulemakings codification of a best interest
standard based in part on the current FINRA suitability standard, and
its principles-based, facts and circumstances approach. We do not
believe that a broker-dealer must be labeled as a fiduciary in order
to be held to an equally stringent standard. The SEC rightfully
recognized the unique characteristics of the broker-dealer business
model and sought to preserve it in this rulemaking.

We appreciate the SECs diligent efforts in putting forth this
proposal, which will provide a national standard rather than
conflicting state standards. We thank the SEC for the opportunity to
comment during this important process.

http://www.sec.gov/comments/s7-08-18/s70818-typeb.htm