Apr. 21, 2022
Dear ladies and gentlemen, here's what I wrote as an individual investor: The following is my comment for File Number SR-NSCC-2022-03 I am writing as an overseas retail investor, very concerned about the implications of the rule you proposed. After going through the file twice, it is very clear to me that the rule in fact acts against the interest of retail investors, whom SEC is supposed to protect. It does that by increasing possibility for avoidance of true market price discovery through continuous lending. It also significantly lessens the infinite risk of naked shorting. That practice, as I am sure you are aware, is by nature very risky and for a good reason. Without that risk, the institutional investors are free to essentially gamble with taxpayers and retail investors money, posing systemic risk to the integrity of US stock market. What we need is more transparency in how stock market works to level the playing field between retail and institutions, especially considering the widening wealth gap and soaring inflation, among other problems our society faces. The proposed rule acts in the opposite direction. I consider that transparancy essential for a fair and sound economy, as well as for the democracy. Having said all that, I sincerely hope that whoever this concerns, will reevaluate their position and withdraw that ruling completely. I can only hope that they also think about the normal mortal small investors and not only about the big ones who leave us no air to survive and do with us what they want. Mit freundlichen Grüßen / Best regards, EMAG Maschinenfabrik GmbH i.A. Markus Köngeter Teamleiter Wareneingang und Lager Tel.: +49 7162 17-4914 Mobil: +49 151 147 07 875 Fax: +49 7162 17-5988 EMAG Maschinenfabrik GmbH Austraße 24 73084 Salach Deutschland www.emag.com Sitz: Salach, Deutschland Handelsregister Ulm: HRB 533796 Geschäftsführer: Dr. Guido Hegener, Paul Dieter Scharpf,Dr. Matthias Klein