Subject: File No. S7-15-10
From: James S. Rankin

August 16, 2010

Limiting 12b1 fees in the name of consumer protection is wrong. If this proposal passes, consumers would have less choice in determing what expenses get paid to who and when. More choice equals more competition and less cost. Narrowing choices and selections for consumers equals higher costs. Consumers do not need the SEC to interfere with their decision making while promoting the "customers best interest". An investment representative's job includes explaining all costs, fees, and expenses to the customer. Why does the SEC think that it is their job to regulate choice? There is a difference between consumer protection and consumer choice. When the public sentiment is such that rules need to be changed or regulations need to be added, deleted or amended, that is the time to take action. When you are a professional in your industry, you take the time to understand your client, explain all the options, and present unbiased information in order that the customer can make decisions in their best interest. It seems that when government agencies step in to "fix" a problem that doesn't exist, matters get worse.

James S. Rankin