Entities which are found to be breaking the law need to be punished for doing so. Failing to respond to the actions of malicious actors leads to instability in the system, an imbalance of power when there should not be one, and a loss of trust in the viability of the system itself. The punishments must be sufficient to discourage future attempts and breaking the law. If breaking the law and paying a fine is more profitable and the only consequence for breaking the law is that fine, why would anyone pursuing profit not break the law? If I can sell an apple for $100 and then promise others that I can get them more apples if they pay $100 to me now, even though I don't have those apples, and then counterfeit/steal apples dozens of times, and the only consequence to me is a $1 fine, why would I not continue to do this? Quoting from your about page: FINRA is dedicated to protecting investors and safeguarding market integrity in a manner that facilitates vibrant capital markets. Allowing hedge funds and market makers to abuse the system at the expense of other investors is completely antithetical to what your profess to be. Please do better or let us know that you are unable to so that we can start putting people into power who can change that.
Chris Jenkins Comment On Regulatory Notice 21-19
Entities which are found to be breaking the law need to be punished for doing so. Failing to respond to the actions of malicious actors leads to instability in the system, an imbalance of power when there should not be one, and a loss of trust in the viability of the system itself. The punishments must be sufficient to discourage future attempts and breaking the law. If breaking the law and paying a fine is more profitable and the only consequence for breaking the law is that fine, why would anyone pursuing profit not break the law? If I can sell an apple for $100 and then promise others that I can get them more apples if they pay $100 to me now, even though I don't have those apples, and then counterfeit/steal apples dozens of times, and the only consequence to me is a $1 fine, why would I not continue to do this? Quoting from your about page: FINRA is dedicated to protecting investors and safeguarding market integrity in a manner that facilitates vibrant capital markets. Allowing hedge funds and market makers to abuse the system at the expense of other investors is completely antithetical to what your profess to be. Please do better or let us know that you are unable to so that we can start putting people into power who can change that.