Jan. 12, 2023
January 12, 2023 Broker-dealers should not be the auditor of their own policies where they have an obvious conflict of interest. They should be held accountable through a third party if they violate the rules, and violations should be punished harshly, if not criminally. When best order execution is not followed for the customer, they are stealing. They should make all information transparent to their clients so that their customers are informed to make sound financial decisions. The documentation should be clear and easy to follow - these standards should be set by the Commission so that retail can again make sound decisions with their purchases. The proposed Rules don't go far enough. There should be no staggered compliance dates for the proposed Rule 1101(a)(1). Broker-dealers should all comply equally with the same timeframe as others.