I sell insurance and investment products for a living and am concerned about the suitability standard and principal review requirements pertaining to the sale of variable annuities contained in NASD proposed Rule 2821. I think it is important to help protect consumers from the bad practices of some professionals in our industry. It seems that these changes create a detriment to those who need the products and services we offer. The additional requirements imposed by the rule hurts my clients by discouraging the activity I am trying to instill in them, to save more and be better prepared for the future. It seems odd that this rule would be put in place in regards to the sale of a product for which the SEC already provides guidance and oversight, adding an extra layer of unneeded supervision discouraging their sale. If the purpose of this is to discourage the sale of these variable product sales to my clients who need them, you are doing a great disservice to my clients. I urge the SEC to disapprove NASD proposed Rule 2821. Thank you for your consideration of my views on this matter.
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