Subject: File No. S7-32-10
From: Bogdan

February 7, 2022

1. Punishment for violating this rule should be more severe. The current level of the fines is too low compared to the profits bad actors are making violating the rules. Thus, the fine should be based not on the fact of the violation but should be proportional to its magnitude.
2. The information regarding the offending parties should be publicly available.