October 12, 2019
While the motive for this change is no doubt benign, I fear its effect will be anything but. It will effectively destroy liquidity and price discovery for the equity holders of a number of well-established, ethical businesses.
The desired outcome of improved investor protection could be achieved via less onerous means, such as allowing companies which provide audited annual statements to continue maintaining market access. Better yet, things could remain as they are. Buyers must always, after all beware.