August 24, 2004
Regulations.gov #: EREG - 1 Submitted Aug 24, 2004
Author : Mr. Andrea Failla
Organization : Myself
Mailing Address :
Attached Files :
Comment : I urge you to WITHDRAW your proposal to exempt broker/dealers (or any other financial organizations) from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.
I believe that it is contrary to the public's interests to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore, if a company is PRIMARILY in the business of selling products, it should not be allowed to market itself as an advisor if it isn't willing to be regulated as such.