This regulation would be used by financial advisors to essentially create a tax on individual investors who want to get exposure to certain financial products directly on their own. Perhaps there should be regulations that explicitly lay out risks of certain investments, but to force individuals to take a test or be licensed to directly buy certain investment products is entirely un American. Should we make people take tests to buy lotto tickets? Bet on sports? Go to the casino? Start a business with their own capital? These are all tremendously risky investments as well. This is America. People should be free to invest their money how they see fit. By the same token, the trading platforms and those selling investment products should have to be clear in the risks. Please do not take away rights of American investors because you dont think they are smart enough to think for themselves.
Matthew Noble Comment On Regulatory Notice 22-08
This regulation would be used by financial advisors to essentially create a tax on individual investors who want to get exposure to certain financial products directly on their own. Perhaps there should be regulations that explicitly lay out risks of certain investments, but to force individuals to take a test or be licensed to directly buy certain investment products is entirely un American. Should we make people take tests to buy lotto tickets? Bet on sports? Go to the casino? Start a business with their own capital? These are all tremendously risky investments as well. This is America. People should be free to invest their money how they see fit. By the same token, the trading platforms and those selling investment products should have to be clear in the risks. Please do not take away rights of American investors because you dont think they are smart enough to think for themselves.