To FINRA, It has come to my attention through my broker that this notice may lead to a restricting of many types of investments that I have available to me. While some of the recommended requirements such as a cooling-off period and an increase in information that a client must see could benefit retail investors. Other requirements such as a net worth requirement are troubling, to say the least.
I should have the right to choose investments that I want and not be restricted by any sort of test, be it knowledge or means. Regular investors should make their own decisions on risk/benefit.
We investors know the risk associated with our investments, including leveraged funds. We don't need to take test to invest our own money!
People with my net worth ($5 million), education (MBA), and many years (60) of investment experience should not have to pass any other tests.
Leverage and inverse funds are strategic investments for me. I should not have to pass a test to invest in these funds. Everyone should be able to invest in these funds; not just the privileged.
Please do not take away my right to invest the way I see fit. I oppose regulations, cooling off periods and tests to invest my money.
I think it is good and reasonable move. It will help make the market less like casino. The question is how will the test be designed to make it really informative to retail investors.
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SUGGESTED ROUTING
Senior Management
Legal & Compliance
Executive Summary
The NASD® Select Committee on Structure and Governance (Select Committee), also known as the Rudman Committee, has proposed significant changes to the manner in which the NASD operates. After substantial discussion, the NASD Board of Governors adopted the proposals in substantially the form
(a) If a party is added to an arbitration after the Director sends the lists generated by the list selection algorithm to the parties, but before the ranked lists are due to the Director, the Director will send the lists to the newly added party, with employment history for the past 10 years and other background information for each arbitrator listed. The newly added party may rank and strike
