Oct. 24, 2023
ATTN: Securities and Exchange Commission 100 F Street NE Washington, DC 20549 Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed rule "Safeguarding Advisory Client Assets" by the agency. While I appreciate the aim to enhance investor protections and address gaps in the current custody rule, I believe there are certain areas where the proposed rule may exceed the SEC's regulatory authority. One specific area of concern is privacy. As an investor, I am deeply concerned about the privacy and safety associated with allowing numerous third parties access to my sensitive financial data and social security number. While the proposed rule aims to safeguard client assets, the potential for unauthorized access or misuse of this personal information raises serious privacy concerns. I urge the SEC to carefully consider the need to strike a balance between investor protection and privacy rights. Furthermore, it is important to ensure that the SEC's regulatory authority does not encroach on areas that should be regulated by other relevant agencies. While the SEC plays a crucial role in protecting investors, it is essential to maintain the appropriate jurisdictional boundaries to avoid regulatory overlap and potential confusion. Clear delineation of roles and responsibilities among multiple agencies ensures better accountability and streamlined regulations. In considering the proposed rule, I encourage the SEC to carefully evaluate and address the potential risks to privacy resulting from increased information sharing and access to sensitive personal data. Additionally, it is important to ensure that the scope of the rule is within the SEC's jurisdiction and does not infringe upon the regulatory authority of other agencies. Thank you for considering my concerns regarding the proposed rule. I believe that a robust regulatory framework that strengthens investor protections while respecting privacy rights and maintaining regulatory boundaries is vital for the stability and trustworthiness of the investment industry. Sincerely, Rick Vestneys