Subject: File No. S7-09-09
From: Jeffrey A Bogart
Affiliation: Financial Planning Association

June 30, 2009

This proposed rule needs to be modified. As it is currently writen the rule will cause a severe economic hardship to mid and small size advisory firms. The new surprise audit requirement will add additional costs to my business that will ultimately be passed on to my clients. Including taking away time needed to assist clients during the ongoing financial crisis.

The Ponzi schemes uncovered by the SEC had nothing to do with fees deducted by investment advisers. As far as we are aware, there have been no systemic problems in this area and are unnecessary, costly and burdensome, particularly for small, independent investment advisers.

In order to enhance consumer protection, I would support Congress appropriating additional resources to the SEC to hire and train additional examination staff to increase the regular audit cycle of investment advisers