Its okay for regulators to make regulatory actions on financial markets. However, I have found the proposals of Regulatory Notice 22-08 unacceptable.
First, Finra didnt mention what kind of financial products is complex, which means investors cant figure out what they can purchase prior to making transactions. Second, highly educated or high wealth does not mean you can invest successfully, not to mention that Finra HAVE NO explanation on knowledge or net worth threshold. Third, in the era of global investment, if you ban investor from investing from such complex products, they may still use certain methods to bypass this restriction(e.g., Invest offshore funds which is not US registered funds). All in all, I think this restriction may SEVERELY HARM freedom of investment and US competitiveness on investments. I STRONGLLY go AGAINST it.
Investment decision should be always made by INVESTORS, NOT REGULATORS. If investors are capable for higher risk financial tools, why you should stop them? EDUCATION helps, NOT RESTRICTION. I hope Finra may withdraw this proposal and rethink how you may better help investors making good financial decisions.
William Leong Comment On Regulatory Notice 22-08
Its okay for regulators to make regulatory actions on financial markets. However, I have found the proposals of Regulatory Notice 22-08 unacceptable.
First, Finra didnt mention what kind of financial products is complex, which means investors cant figure out what they can purchase prior to making transactions. Second, highly educated or high wealth does not mean you can invest successfully, not to mention that Finra HAVE NO explanation on knowledge or net worth threshold. Third, in the era of global investment, if you ban investor from investing from such complex products, they may still use certain methods to bypass this restriction(e.g., Invest offshore funds which is not US registered funds). All in all, I think this restriction may SEVERELY HARM freedom of investment and US competitiveness on investments. I STRONGLLY go AGAINST it.
Investment decision should be always made by INVESTORS, NOT REGULATORS. If investors are capable for higher risk financial tools, why you should stop them? EDUCATION helps, NOT RESTRICTION. I hope Finra may withdraw this proposal and rethink how you may better help investors making good financial decisions.
Thank you for your time.