Legg Mason appreciates the Commission's consideration of these comments. Please contact me if there are any questions or if additional information is required. 3 Words appearing in quotation marks in this letter are defined terms in the proposed rule. This is a major difference between the effect of the proposed rule and Municipal Securities Rulemaking Board Rule G-37. There are approximately 151 employees and control persons employed by Legg Mason who are subject to Rule G-37.
Advisory business is referred with far greater regularity.
The relationship between these interests is inverse. A policy that bans all contributions and volunteer work will result in the greatest restrictions for employees but the lowest cost compliance program for an adviser. 8 See Comment Letter submitted by the Securities Industry Association.