Subject: File No. S7-09-09
From: Alan Lachowitz
Affiliation: Registered Investment Advisor

June 22, 2009

This proposal will add unfair and exorbitant costs to the small self-employed investment firms. While the concept is OK for the larger firms I believe this might force several small RIA's, that provide needed financial assistance to many individuals, out of business. Maybe this should be restricted to those firms registered with the SEC (as opposed to individual states) or those with assets under management in excess of $100M, or even $1 billion.