I am writing to oppose the radical limitations on my investments proposed by the Financial Industry Regulatory Authority (FINRA). Under the long-standing disclosure-based system, investors have the right to decide which public equities, bonds, and funds they want to buy. The freedom to access a broad range of investment products help me build better portfolios and limit my risks in the market. FINRAs definition of complex products is so broad, arbitrary, and vague that it could invalidate persons from a vast number of commonly used public securities. FINRAs proposal for tests or other criteria to determine an investors understanding are subjective and could lead to unfair or even discriminatory treatment of investors. Leveraged and inverse funds are important tools for my investment strategies. They help me protect (hedge) my investments from increased risk and can also enhance returns when properly used. I completely oppose any arbitrary qualifications and limitations to investors deciding which public equities, bonds, and funds they want to buy.
Francis Coombs Comment On Regulatory Notice 22-08
I am writing to oppose the radical limitations on my investments proposed by the Financial Industry Regulatory Authority (FINRA). Under the long-standing disclosure-based system, investors have the right to decide which public equities, bonds, and funds they want to buy. The freedom to access a broad range of investment products help me build better portfolios and limit my risks in the market. FINRAs definition of complex products is so broad, arbitrary, and vague that it could invalidate persons from a vast number of commonly used public securities. FINRAs proposal for tests or other criteria to determine an investors understanding are subjective and could lead to unfair or even discriminatory treatment of investors. Leveraged and inverse funds are important tools for my investment strategies. They help me protect (hedge) my investments from increased risk and can also enhance returns when properly used. I completely oppose any arbitrary qualifications and limitations to investors deciding which public equities, bonds, and funds they want to buy.