Subject: File No. S7-14-08
From: Diego Vacca

July 18, 2008

If fixed annuities are deemed part of the SEC, what about CDs? CDs are used as an investment by many people. Also, people do not pay the agent's commission for fixed annuities. People currently keep 100% of their investment. But if fixed annuities become part of the SEC the people will have to pay the stockbroker's commission, correct?