As a member of FINRA, I request that you discontinue the pursuit of FINRA requiring restrictions on investing in leveraged or inverse mutual funds and/or ETFs. This should be a decision that investors make and not regulators.
Many brokerage firms already require special requirements for clients to purchase these types of securities. That is sufficient and appropriate because it is administered at the local level specific to each investor. A global blanket regulation is inappropriate and unnecessary.
Paul Fiocca Comment On Regulatory Notice 22-08
FINRA,
As a member of FINRA, I request that you discontinue the pursuit of FINRA requiring restrictions on investing in leveraged or inverse mutual funds and/or ETFs. This should be a decision that investors make and not regulators.
Many brokerage firms already require special requirements for clients to purchase these types of securities. That is sufficient and appropriate because it is administered at the local level specific to each investor. A global blanket regulation is inappropriate and unnecessary.
Thank you for reconsidering your actions.