Comments: Please do not limit investors' ability to trade "complex products" including leveraged and inverse funds. These products are not confusing. If you want to make sure investors are aware of what they are investing in then have them read a waiver in advance. Otherwise, there should be no restriction on what a private investor should be able to invest in in this manner.
These types of securities are no more complex than calls & puts that have been a mainstay of public markets for decades. I have been in the investment & private equity businesses for about 4 decades and these should be allowed to be purchased by the general public just the same way SPAC's (blind pools) have been able to purchased by small investors.
The proposed regulations would unnecessarily infringe on my freedoms to contract privately on financial matters based on my own discretion. Leveraged and inverse funds are an important component of my trading strategies, and I should not have to disclose or satisfy any particular financial means or investment knowledge tests to enter into financial transactions in these products.
FINRA Reminds Firms of Their Obligations Under SEC Rule 15c2-11(a)(4)
WASHINGTON—FINRA announced today that an extended hearing panel has expelled broker-dealer NYPPEX, LLC and barred its former CEO Laurence Allen for failing to respond in a timely and complete manner to FINRA requests for information and documents. The panel also found that NYPPEX and Allen engaged in securities fraud. In addition, the panel barred NYPPEX’s current CEO and Chief Compliance Officer
A democratic government should not second-guess the competency or plans of private citizens in their financial strategy. Are we going to be told how to dress and what we can eat next? Money is involved - people know they need to be careful. Any restriction will be government overreaching. We are not a totalitarian state - what other rights have become "negotiable"?
There is no reason a government body should have visibility to private law abiding citizens investments. It is a direct infringement of the 4th amendment on an individuals right to privacy. The only reason a government wants would to be use it as a political weapon.
To have access to that information an individual should be suspected or charged with a crime and a search warrant issued for access
Leveraged funds are an important part of my investment strategies. Involvement of regulators in a person's wallet should be limited, just like their involvement in private lives in general. Furthermore, the paternalistic stance taken by regulators is reminiscent of the approach of the most severe autocratic and totalitarian regimes, where a dictator considers his people too feebleminded to
It is not your job to limit my personal private choices. It is not your job to limit my freedom. It is not your job to try and prevent my possible failure. I have the right to choose and make my own choices or mistakes. Government is not all knowing and you are not my Savior. Life is about choices. Stop trying to regulate mine.
Any member of FINRA that is also a member of the New York Stock Exchange LLC ("NYSE") ("Dual Member") (including any persons affiliated with such member) may be subject to a fine under Rule 9216(b) with respect to any rule or By-Law provision listed in this Rule that applies to such member or person. However, any Dual Member that was not also a member of NASD as of July 30,