Subject: S7-15-10

October 27, 2010

I just received information regarding a reformation of SEC Rule 12b-1 and the fees authorized under that rule.
I have been a registered rep for 4 yrs now and I support the 12b-2 rule that would continue the 25 basis point fee but the part where the SEC will permit mutual funds to issue a new class of shares at NAV that would allow broker-dealers to set their own sales charge and commission I STRONGLY object. This will hurt the middle and lower market investors as they will be deprived of guidance and service they need and DESERVE because as broker-dealers lower their own sales charges and fees, it will no longer be financially feasible for Registered Representatives to continue to provide the level of individual advice and ongoing service. Only the upper-income investors who can afford assets -under-management will continue to receive personalized investments advice.
Pat Saltsman