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Michael Lippman Comment On Regulatory Notice 22-08

It is Arbitrary and Unworkable: FINRAs definition of complex products is so broad, arbitrary and vague that it could ensnare a vast number of commonly used public securities. It upends Our Regulatory System: Under the long-standing disclosure-based system, investors have the right to decide which public equities, bonds and funds they want to buy. The FINRA plan upends that principle, giving regulatorsnot youthe power to decide what public securities you can and cannot invest in.

Jerry Kolarik Comment On Regulatory Notice 22-08

Forcing investors to go through any special process like passing a test before they can invest in public securities, like leveraged and inverse funds should not be imposed on investors and should be the sole responsibility of the individual investor. Limiting public investments to only the privileged will only make it more difficult for the average investors to build wealth or protect the wealth we already have.

Michael Rabinovich Comment On Regulatory Notice 22-08

I believe as an experienced investor that I should be able to use leveraged funds to enhance returns on my portfolio or in the case of inverse funds to hedge and protect on the downside for my portfolio. If not allowed to choose my only option would be to open a margin account and use leverage open myself to possibility of margin calls or to potentially short a stock that has unlimited risk.

Bobby Burns Comment On Regulatory Notice 22-08

I think I have the ability to select the assets I invest in. I have an MBA in finance which I think gives me the ability to select the investments I make. However, I think public investments should not be limited to which member of the public invests in them. While I have passed several Finra exams, I don't think every member of the public should be required to before investing in leveraged investments, Leveraged and inverse funds are important to my investment strategy. I use inverse ETF's instead of shorting stocks.