FINRAs scheme is misguided because it: Hurts Investors: It could potentially deny us the freedom to choose investments that could help us achieve long-term financial security. Is Arbitrary and Unworkable: FINRAs definition of complex products is so broad, arbitrary and vague that it could ensnare a vast number of commonly used public securities. Tests or Upends Our Regulatory System: Under the long-standing disclosure-based system, investors have the right to decide which public equities, bonds and funds they want to buy. This FINRA plan upends that principle, giving regulatorsnot youthe power to decide what public securities we can and cannot invest in. This move will lead to unfair and discriminatory treatment of investors.
Ketan Patil Comment On Regulatory Notice 22-08
FINRAs scheme is misguided because it: Hurts Investors: It could potentially deny us the freedom to choose investments that could help us achieve long-term financial security. Is Arbitrary and Unworkable: FINRAs definition of complex products is so broad, arbitrary and vague that it could ensnare a vast number of commonly used public securities. Tests or Upends Our Regulatory System: Under the long-standing disclosure-based system, investors have the right to decide which public equities, bonds and funds they want to buy. This FINRA plan upends that principle, giving regulatorsnot youthe power to decide what public securities we can and cannot invest in. This move will lead to unfair and discriminatory treatment of investors.