CMC set forth three points for consideration by the Commission: Market participants who do not hold a fiduciary relationship with customers should not be required to comply with the unduly burdensome requirements of 1.35. Many would choose to forgo SEF or DCM membership and access the markets through agents rather than shoulder the burden of 1.35. This would decrease SEF and DCM membership, increase costs to market participants and consumers, and diminish transparency in the market place.; Excluding members and registrants with no fiduciary duty to customers from the burdens of 1.35 is consistent with Commission precedent and congressional intent.; and the intersection between Commissioner Regulations 1.31 & 1.35 is a concern to market participants that should be addressed.