Feb. 24, 2023
February 24, 2023 My name is Steven Miller, and I am an individual household investor. I am deeply concerned about the American financial markets, specifically the potential of financial crimes related to Gamestop common stock. I am writing today to express my support of S7-32-22 Regulation Best Execution. I agree with the commission, that this proposed Regulation Best Execution would further the congressional goal set forth in Exchange Act Section 11A. When broker-dealers operate they have a legal obligation concerning the duty of best execution. Therefore, to perform that duty, the broker-dealer must undergo a process of due diligence to understand what is the best market for the security so the customer gets the opportunity of the best price with current market conditions. I also agree with the commission in terms of the broker-dealer's need to establish additional policies and procedures surrounding potential conflicts of interest. In my opinion, when there are so few broker-dealers operating, the potential for conflicts of interest increases dramatically and can create an environment that is favorable for the broker-dealer and UNFAVORABLE for the customer. I disagree with the commission regarding proposed rule 1101(d) that would exempt an introducing broker that routes customer orders to an executing broker from separately complying with proposed rules (a), (b), and (c). I believe there should be no exceptions at all and American investors deserve fairness and transparency. I agree with the commission regarding Proposed rule 1102, except that I believe broker-dealers should be responsible for reviewing and revising their policies and procedures quarterly instead of on an annual basis.