Subject: File Nos. SR-FINRA-2012-028, SR-FINRA-2012-029, SR-FINRA-2012-030 and SR-FINRA-2012-031
From: R. Searle

July 22, 2012

Small firms like ours can't afford this. Dues are already very high and sipc fees are outrageous.

How can they possibly think of increasing fees in this barren environment?

The employees at Finra are highly paid and their offices are in luxury buildings while small firms are barely hanging on.

They need to cut fees and trim the fat like the rest of us.