This seems ill designed to solve the problem. Another self reporting requirement is not going to help. There will just be more reporting violations that don't change the bad behavior we're trying to deter. FINRA and the SEC should build onto or leverage this with their FINRA CAT. There are far too many rules and many seem not to be designed very well; scrap those rules and outdated forms, write new rules that are straightforward and make sense, and use the technology and data we have today for a true solution.
Anonymous-JJ Comment On Regulatory Notice 21-19
This seems ill designed to solve the problem. Another self reporting requirement is not going to help. There will just be more reporting violations that don't change the bad behavior we're trying to deter. FINRA and the SEC should build onto or leverage this with their FINRA CAT. There are far too many rules and many seem not to be designed very well; scrap those rules and outdated forms, write new rules that are straightforward and make sense, and use the technology and data we have today for a true solution.