FINRA is examining firms’ offering of, and services provided to, Special Purpose Acquisition Companies (“SPACs”) and their affiliates (e.g., sponsors, principal stockholders, board members, and related parties). Unless otherwise noted, the relevant period for each request is July 1, 2018, through September 30, 2021 (the “Relevant Period”). In addition, if your response varies over the Relevant Period, please explain the differences in your response.
Filing Guidance - Public Offering Review
Summary
FINRA is introducing enhancements and presentation changes in the Central Registration Depository (CRD®) system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes, effective October 1, 2018, principally affect the Examination Requests and SRO Registrations sections.
Dear Madam, Sir:
I am writing concerning possible restrictions that may be applied to certain securities like leveraged or inverse funds.
I am a private, non-professional investor, but do my homework on stocks. Especially in the last few years, leveraged and inverse ETFs have been an important part of my investment strategy. While they represent a lower percentage of my investment funds, they
The NASD Office of General Counsel Regulatory Policy and Oversight (OGC) publishes the Disciplinary Update to provide registered representatives with a summary sampling of recent disciplinary actions involving misconduct by registered representatives. The sample of disciplinary actions includes settled matters and decisions in litigated cases (National Adjudicatory Council (NAC) decisions and decisions of the Securities and Exchange Commission in NASD cases).
I'm contacting you to oppose the potential additional regulation applied to certain "complex" investments.
First, what I choose to invest in, public or private securities or other instruments, is my sovereign choice. I educated myself on e.g. leveraged and inverse funds, and have an understanding in how they work and their risk/benefit equation as it applies to me.
It is me as a US Citizen and individual investor - not regulators who should be able to choose the public
investments that are right for you and your family.
Public investments should be available to all of the public,
not just the privileged.
We investors shouldn't have to go through any special process like passing a test before you can invest in public securities, like leveraged and
In regards to your proposed legislation to apply special criteria to investors who wish to trade in some leveraged or inverse funds. At the best, the proposed legislation is an additional burden to investors. At the worst is that it is discriminatory that shuts out small investors in favor of wealthy investors an private wealth or hedge funds. I currently have held one of these funds for over 11
Dear FINRA, I oppose this legislation because you are instituting more constraints on my freedom to manage my investments as I see fit. We already must review and sign documents from our broker informing us of the risks and potential losses on all leveraged investments before we can purchase those investments. In fact, I had to state my investment objectives were "most aggressive" to
