Jan. 12, 2024
Dear SEC Commissioners, I am writing to express my strong opposition to the proposed SEC rule, File No. SR-NYSE-2023-09, which aims to permit the creation and listing of Natural Asset Companies (NACs) on the New York Stock Exchange (NYSE). As an ardent advocate for property rights and a concerned American citizen, several critical concerns arise from this proposal: Undermining Property Rights: Allowing NACs on the NYSE may risk undermining traditional property rights by introducing companies with a primary focus on environmental objectives rather than profit orientation [1]. Sustainability Criteria Ambiguity: The proposed rule mandates NACs' revenue-generating operations to be sustainable, but the criteria lack clarity. This ambiguity could lead to unintended consequences and challenges in enforcement [2]. Potential for Market Distortion: The inclusion of NACs on the NYSE may introduce an element of uncertainty and distortion into the market, as these companies operate with different objectives compared to traditional profit-driven enterprises [3]. Violation of Section 6(b)(5): Section 6(b)(5) of the Exchange Act requires national securities exchanges to have rules preventing fraudulent practices and ensuring just and equitable principles of trade. Allowing NACs, primarily focused on non-profit environmental objectives, might conflict with the profit-driven nature of securities exchanges, potentially undermining fair and just trade principles mandated by Section 6(b)(5) [4]. In light of these concerns, I strongly urge the SEC to reassess and decline approval of the proposed rule. Safeguarding the sanctity of private property rights, fostering a transparent and equitable market, and upholding the integrity of the Exchange Act to safeguard investors are imperative for the welfare of American citizens. Thank you for your attention to this matter. Sincerely, James M McCollum [REDACTED] [1] americanstewards.us - State's Attorneys General Send Scathing Letter Opposing NACs [2] attorneygeneral.utah.gov - AG Reyes Writes SEC to Oppose “Natural Asset Companies" [3] securitieslaw.com - State officials challenge SEC proposal to list natural asset companies on NYSE [4] sec.gov - Notice of Filing of Proposed Rule Change by the New York Stock Exchange