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Anonymous Comment On Regulatory Notice 25-05

Anonymous

I've been securities licensed for about two decades and thrilled to hear about this proposal to Simplify Requirements Regarding Associated Persons’ Outside Activities. I can't remember a single client ask me about any of my listed OBAs (they are not securities related) or any colleagues OBAs.


I work with an advisor who filed bankruptcy and that's no longer available for clients to see. When it was available, clients asked me about his bankruptcy and didn't want him to be their advisor.


I'm financially responsible, own a rental property and part owner of a family business. I'm burdened with OBA reporting and his bankruptcy is purged off the record...


I think it's more important for clients to know about that advisors historical bankruptcy than it is for clients to know about every income stream I have that's unrelated to the securities industry.