John R. Goltermann, Chief Compliance Officer, Obermeyer Asset Management by lhv93960

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ASSET    MANAGEMENT             COMPANY
                                                                                                                                     DENVER
                                                                                   3 2 O OC H E R R Y R E E {S O U T HD i I V E , S U I T E4 A O
                                                                                                    C
    Elizabeth Murphy,Secretary
            M.                                                                                               D E v E R ,C o L o R A o o 8 0 2 0 9
                      Commission
    Securit andExchange
          ies                                                                                  303.7]3.4305 > F^x jO3.733.4315
               NE
    100F Street,
               DC
    Washington, 20549-1090                                                                                                    8
                                                                                                                T o L LF R E E o o . 3 t 7 . 0 9 l l
                                                                                                                   OBER]MEYERASSET.COM

                S7-09-09
    Re:FileNumber

    July8,2009

    DearSiror Madam:

    With respect the proposed hangeso Rule206(4)-2
                to          c       t                            Advisers of 1940thatwould
                                                  ofthe Investment      Act
    subject         investment
           registered                t
                             adviserso annual
                                            auditsby independent        firms,I am*'riting to
                                                               accounting
    objectto theextension suchproposal advisers retainan independent
                        of             to     that                                     and
                                                                    qualifiedcustodian simply
    drawfees.

    I respect spiritof whatthe Commission tryingto achieve
             the                                 is                 with respect heading anymalfeasance
                                                                                to        off
                                                                                     that
    on thepartofdishonest dvisershathaveaccess clientfunds.But for advisors usean independent
                             a        t                to
    custodian, butonly  drawfees,it seems a muchmoresimpleandcosteffective
                                            that                                      mechanism canbebroadly
    applied. potential
             A            solutioncould be to require custodian capthe allowable withdrawal a
                                                      the          to                 fee          at
    reasonable (suchas37.5basispointperquarter anything addsup to morethan 150bpson a per
               level                                       or         that
    annum         a
           basis) hdanyexceptions       wouldbe rejected,        and              and
                                                          tracked documented an exception       reportsentto
    the SECbefore remainder the fundsarereleased. way,the SECwill achieve dualbenefitof
                    the            of                         That                         the
    limiting access to clientfundsanddiscourage             f
                                                    advisersiom charging  ridiculousfeeswithoutsubjecting
    themselves a higherlevelof regulatory
                to                             oversight.

   By requiring independentaccountantverificationoffunds managed y independent
                                                                  b           advisors,theCommission
   would be imposing          costs firms who aremostlysmall,andwho arealrea$, structured be
                     additional     on                                                      to
   advocates theirclients.
             for            The independent advisory community onethatby its very nature av€ r se to the
                                                               is                       is
   disreputable        d            by
               practices emonstrated largeWall Street  frms throughtheyearsandthe greedy  self-

   promoters.


   I amavailable participate any roundtable
                ro         in                                                          to
                                          discussion n this or anyotherissue I am happy be a

                                                   o                        and
   resourceor theCommission.

          f

    Thankyoufor your consideration.   keepup all the goodworkr .
                                 Please




        R.             CFA,


								
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