February 7, 2022
I am a South Korean retail investor. And while I may not be a citizen of the U.S., I still believe I have a say about this as I along with many others are investing our capital into your markets instead of ours.
I am in strongly favor of this rule - ONLY if this and countless other rules are actually enforced.
Over the past year it has become completely obvious that Reg-SHO is largely ignored by broker-dealers and they continue to navigate the market unpunished. Or loosely punished at best with fines being small fractions of the total profits created.
This market is very broken. And I doubt new rules will create compliance amongst the criminal abusers. We dont need new rules that go unenforced. We need to see gross abusers go to jail. Take away all of their profits made while breaking the rule, and then some. Take away market making capabilities, both for the company AND persons involved.
We need real consequences.
Heres a quote the SEC should become well acquainted with: \"Talk is cheap, it takes money to buy whiskey.\" Put your actions where your words are. If you want transparency, work for it.
Due to the lack of consequences on Wall Street crime, gross negligence, and misreporting has become the new standard.
Thats on your organization. Based on my observations, retail is becoming fed up with it. Trust is easily lost, and very difficult to regain.