Subject: File No. S7-45-10
From: Kay Frels

February 16, 2011

To Whom it may concern:
I wholeheartedly object to the proposed regulations relating to Municipal Advisor Registration (File No. S7-45-10). I find it onerous and extremely redundant, considering the current level of accountability already required of appointed board members of such entities. These persons are not appointed to be all-knowing advisors to their respective boards, but are expected to listen to a myriad of true experts - accountants, scientists, engineers, etc. - in order to make intelligent decisions.

I find this to be a wasted and unnecessary effort.

Kay Frels