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John Polivko Comment On Regulatory Notice 22-08

Investors, like the freedom of speech, need to have the latitude to discern and invest in product of their choosing. The products in which you are attempting to limit, are essential to hedging positions and mitigating directional risk. These tools are also useful in speculative positions, inherent to investors with strong views on market direction. Do not alter our ability to participate in the market.

Todd Miller Comment On Regulatory Notice 22-08

This is really not going to help individual retail investors. Lots of retail investors would be losing valuable hedging and speculating tools in terms of leveraged and inverse ETF's. Many of these investors may utilize cash accounts and have no other way to go short in the market without buying put options, which is another layer of approval. As such, ETF's are the most accessible and easy to trade and least complex of hedging instruments and to put these kind of access restrictions is mind-boggling.