Mar. 23, 2023
I am writing to express my strong opposition to the proposed rule outlined in "[Release No. 33-11151; File No. S7-01-23]". If enacted, this rule could have a negative impact on retail investors while providing an unfair advantage to large firms like Citadel. The proposed rule would impose significant reporting requirements on financial institutions, which could increase compliance costs for all firms. Smaller firms may not have the same resources and expertise to navigate these complex regulations, which could create an uneven playing field and further entrench the power of larger firms. Additionally, the rule may not effectively address the issues it is intended to tackle. Instead, it may create a false sense of security by requiring the disclosure of data that is not relevant to investors' risks or the broader financial system. Furthermore, the proposed rule may have a disproportionate impact on retail investors. Retail investors often have limited resources and rely on transparent and fair markets to make informed decisions. The increased compliance costs associated with the proposed rule could lead to higher fees and reduced access to investment opportunities for retail investors. On the other hand, large firms like Citadel may have the resources and expertise to navigate the new regulations and identify loopholes to reduce their compliance costs. This would provide these firms with an unfair advantage over smaller market participants and could potentially harm retail investors. In summary, I strongly urge the SEC to reconsider this proposed rule and develop more targeted and efficient solutions that benefit all market participants, including retail investors. The SEC should focus on improving transparency and risk management practices without creating loopholes for larger firms to exploit. Thank you for your attention to this matter. Dan worms