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Craig Ruffolo Comment On Regulatory Notice 25-05

I write in opposition to the proposal.

If I understand correctly that “Investment-related activity” means pertaining to financial assets, including securities, crypto assets, commodities, derivatives (such as futures and swaps), currency,

banking, real estate or insurance, this seems too broad.

If I understand that the proposal would also require B/D's to approve each transaction in writing for each representative, that seems to amplify the regulatory burden. It introduces vagueness,