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Dwight Smith Comment On Regulatory Notice 22-08

Investors shouldn't have to go through any special process like passing a test before they can invest in public securities, including "complex products". The disclosure-based system currently in place provides adequate protections.

All definitions and language in regulations should be clear, precise and limiting. Wording that is broad, arbitrary or vague empowers bureaucrats; it does not protect investors.

Robert Bewersdorf Comment On Regulatory Notice 22-08

As a life-long investor and a former registered representative with a Series 7 license, I learned that each person's investment strategy is unique to their current, as well as future, needs. Also, each individual's net worth may require hedging strategies that only leveraged and inverse funds can provide. To restrict access to these investment products means that regulators know the reasons each person's investment portfolio uses leveraged and inverse funds, and assumes these reasons are somehow counterproductive and/or unsuitable.