Sep. 17, 2023
Dear Ms. Countryman, This comment is regarding the Rulemaking Proposal Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions. Thank you for the opportunity to comment. Even though I am not sure whether commenting has actually any measurable effect on the SEC's Rulemaking process and subsequent decisions, I would like to suggest that the NSCC refrain from future rules-based directives that would waive Excess Capital Premium payments for certain broker-dealers such as Instinet (a Nomura Company) or Robinhood, as happened on January 28, 2021. Said broker-dealers unfortunately remain under-capitalized to this day. These organizations should not be benefitting from the waiving of certain requirements, just because their demise would seriously endanger the stability of the U.S. securities markets. Instead, such firms should be penalized for their risky behavior. Sincerely, David L.