Subject: File No. S7-14-08
From: Christopher Duenas

August 25, 2008

Propsed rule 151A is ill-conceived. Many securities lawyers find the proposal to be completely unsupported by judicial precedents on what constitutes an "annuity" exempt from securities laws. Beyond that, it defies common senses that a product which has virtually no market-related downside risk be considered a security in the same manner as mutual funds or variable products where investors truly bear risk for market losses, including the possible loss of principal due to market declines.

I have built a business with fixed indexed products having been an important part of my success. This rule endangers my business, my livelihood, and my clients' interests.

If nothing else, I urge you to slow down the adoption process so there can be adequate time for review of all implications and ramifications of this proposal.