I am a successful investor with many decades' experience. Every investment I ever made required me to analyze the risks. Some worked and some failed. I will make my own decisions. The notion of passing a regulator designed test of risk sophistication is ridiculous, frankly insulting. The entire lot of your staff has no more - and probably less - risk assessment expertise. Why should I submit myself to their permission or disapproval? Nonsense. There is another aspect to your proposed policy: these are publicly traded instruments. As you require this silly testing, you simultaneously reduce the population of investors, which (as you know) reduces the liquidity in each instruments and makes bid/ask spreads wider. This increases investor costs. You are harming markets with this proposal. it is your job to protect them. Thank you.
Dan Brophy Comment On Regulatory Notice 22-08
I am a successful investor with many decades' experience. Every investment I ever made required me to analyze the risks. Some worked and some failed. I will make my own decisions. The notion of passing a regulator designed test of risk sophistication is ridiculous, frankly insulting. The entire lot of your staff has no more - and probably less - risk assessment expertise. Why should I submit myself to their permission or disapproval? Nonsense. There is another aspect to your proposed policy: these are publicly traded instruments. As you require this silly testing, you simultaneously reduce the population of investors, which (as you know) reduces the liquidity in each instruments and makes bid/ask spreads wider. This increases investor costs. You are harming markets with this proposal. it is your job to protect them. Thank you.