February 21, 2022
My name is Jack Pieper. I am a college student in California. The matter I am commenting on is S7-06-22 Modernization of Beneficial Ownership Reporting.
I think stricter deadlines, like the ones proposed in this rule change are important. Changing the number of days someone has to report buys and sells to the SEC is good, but it does not solve the underlying issue that, should these sales/purchases of 5% or more NOT be reported, it takes considerable effort on the part of the SEC and the IRS to track down these actions after the fact.
The SEC will always be playing catch up, regardless if the rules are 10 or 5 days for reporting. Would there be a way for automatic processsing of such forms/documents to take place? There can still be a time limit, as to discourage buyers from having their purchases known to the public, but with automatic reporting to the regulatory bodies, it would be easier to catch illegal trading, and the SEC can be more proactive rather than trying to peace together the crime scene months, or even years after.
I LOVE the fact that the SEC is pushing to make data collected via fillings more accessible to everyone. A fair playing ground starts when everyone has the same access to information, so no grievances from me there
We live in a digital age were HedgeFunds can use High frequency Trading predict and profit off of the orders that come in. The tech to monitor trades in real time is there. I think the SEC should, in the name of fairer markets, change their model on how they conduct themselves. I think the SEC does a great job, but is kneecapped by their Ideology of prosecuting trades that happened in the past.
I will be an investor in these markets for the rest of my life, whether it be through investing, my future company paying me in shares, or starting my own company and going through the IPO process. The American markets have the ability to be the best in the world. I believe in you all and I hope that you can make a better market for all Americans, not just predatory institutions.
-Jack