FINRA Board, This is a major regulatory overreach. I would hope that this rule regarding individual investors' access to "complex" investments was proposed with the best of intentions - to protect investors from tking on unnecessary risk. But it is not up to you to determine the level of risk that an individual investor is willing to take on - it is up to the investor, and the investor ALONE. An American citizen has the right to take on risk for the potential of high reward. A body of unelected officials has no authority to limit that right. Funds and brokerages go out of their way to make sure investors understand the risks involved with leveraged and inverse funds. They also understand that most investors won't throw their money at high risk funds blindly, for two reasons: 1) the American citizen is intelligent and capable of understanding risk and reward 2) the American citizen is highly incentivized to make the best possible decision with their capital - because it is their FUTURE The reasoning behind the proposal for new rules seems to be that "more people are investing in these products, so we should limit that." There is no evidence given that these products are harmful, or that the individual investor doesn't understand them. There is not even a solid definition of what constitutes a "complex product" - options are meant to be covered under this proposal. Furthermore, by requiring a demonstration of a high net worth for access to high risk investment vehicles, this regulation will have the effect of perpetuating the wealth gap that is already endemic in this country. It is yet another needless regulation that limits the upward mobility of the poor, industrious, and aspirational, while benefiting the rich and privileged. The bottom line is this: you are not qualified to tell me what is the best allocation for my capital. We all must make our own decisions, and live with the consequences. As a citizen - a word I use repeatedly, because it has seemingly lost all meaning to those in power - I do not need the legion of regulatory bodies that I had no voice in selecting to unilaterally decide that they are my mother. I can make better decisions for myself and my capital than you can, and I should not have to jump through regulatory hoops to do so. Sincerely, Tyler Raymie, concerned citizen.
Tyler Raymie Comment On Regulatory Notice 22-08
FINRA Board, This is a major regulatory overreach. I would hope that this rule regarding individual investors' access to "complex" investments was proposed with the best of intentions - to protect investors from tking on unnecessary risk. But it is not up to you to determine the level of risk that an individual investor is willing to take on - it is up to the investor, and the investor ALONE. An American citizen has the right to take on risk for the potential of high reward. A body of unelected officials has no authority to limit that right. Funds and brokerages go out of their way to make sure investors understand the risks involved with leveraged and inverse funds. They also understand that most investors won't throw their money at high risk funds blindly, for two reasons: 1) the American citizen is intelligent and capable of understanding risk and reward 2) the American citizen is highly incentivized to make the best possible decision with their capital - because it is their FUTURE The reasoning behind the proposal for new rules seems to be that "more people are investing in these products, so we should limit that." There is no evidence given that these products are harmful, or that the individual investor doesn't understand them. There is not even a solid definition of what constitutes a "complex product" - options are meant to be covered under this proposal. Furthermore, by requiring a demonstration of a high net worth for access to high risk investment vehicles, this regulation will have the effect of perpetuating the wealth gap that is already endemic in this country. It is yet another needless regulation that limits the upward mobility of the poor, industrious, and aspirational, while benefiting the rich and privileged. The bottom line is this: you are not qualified to tell me what is the best allocation for my capital. We all must make our own decisions, and live with the consequences. As a citizen - a word I use repeatedly, because it has seemingly lost all meaning to those in power - I do not need the legion of regulatory bodies that I had no voice in selecting to unilaterally decide that they are my mother. I can make better decisions for myself and my capital than you can, and I should not have to jump through regulatory hoops to do so. Sincerely, Tyler Raymie, concerned citizen.