Though reasonably well intended, new regulations that make it more difficult for retail investors to access sophisticated investing tools are the opposite of what free market investing should look like. In a time where equal access is of upmost importance, these proposed rules further the perception of inequality that is already a dark cloud in the mind of many Americans who avoid investing for the future. Restricting viable investment strategies/tools for everyday investors while allowing the wealthy and connected to improve their performance with those exact tools is counter to every thing your agency should be focused on at this historic juncture. I certainly understand that leveraged funds and other complex strategies come with significant risk, and are likely not practical strategies for many retail investors, but the idea of restricting them completely is draconian and unfair. I should not have to jump through hoops to pursue optimal investing strategies just so others are protected from their own ignorance. Would requiring interstitial warnings when purchases orders are submitted for securities deemed above average complexity or risk not be a fair way to ensure investors are aware of the hazard without meaningfully impacting access for others using them properly?
Will Clark Comment On Regulatory Notice 22-08
Though reasonably well intended, new regulations that make it more difficult for retail investors to access sophisticated investing tools are the opposite of what free market investing should look like. In a time where equal access is of upmost importance, these proposed rules further the perception of inequality that is already a dark cloud in the mind of many Americans who avoid investing for the future. Restricting viable investment strategies/tools for everyday investors while allowing the wealthy and connected to improve their performance with those exact tools is counter to every thing your agency should be focused on at this historic juncture. I certainly understand that leveraged funds and other complex strategies come with significant risk, and are likely not practical strategies for many retail investors, but the idea of restricting them completely is draconian and unfair. I should not have to jump through hoops to pursue optimal investing strategies just so others are protected from their own ignorance. Would requiring interstitial warnings when purchases orders are submitted for securities deemed above average complexity or risk not be a fair way to ensure investors are aware of the hazard without meaningfully impacting access for others using them properly?