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December 29, 2020

Proposed FINRA Rule Insufficient, Fails to Protect Investors

On December 28, 2020, Better Markets filed a comment letter with the Securities and Exchange Commission on a proposed  Financial Industry Regulatory Authority rule that is insufficient and fails to adequately protect unsuspecting investors. In its comment letter, Better Markets urges the SEC to reject the harmful incrementalism that FINRA has adopted as a regulatory approach in dealing with recidivist, high-risk brokers.
Regulatory incrementalism and a slow, cautious approach in policymaking can be prudent when matters under consideration are complex, nuanced and the impact of the suggested solutions unclear. But the harm caused by recidivist wolf-pack firms is crystal clear, and the solution is simple: clean up the brokerage industry by de-licensing and barring members who choose to sell obviously unsuitable products and cheat, defraud and harm countless victims and rob them of their future financial security.
Comment Letters
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