February 19, 2022
I am writing to you from Canada, as a regular joe investing my spare money in reputable companies, some of which are american.
I am writing to voice my support for the proposed rule S7-32-10 for the following reasons:
-Over the past years it appears that Reg-SHO is ignored by broker-dealers and they continue to navigate the market unpunished.
-Due to the lack of consequences on Wall Street crime, gross negligence, and misreporting has become the new standard.
-Trust is easily lost, and almost impossible to regain.
My only concern with the proposed rule is that I can't find details on penalties for violation. It should go without saying, but the rule won't mean much if the fines for infractions aren't substantial enough as to prevent such violations. If a person steals from a business, he forfeits what he stole. It should be the same in the markets.
We don't need to see bad actors fined. We need to have them sent to jail so that their bad influences on the markets are removed.
The next months will be crucial in determining if I keep investing in american companies. Please do your job.
Good day to you,