August 16, 2010
For the past 12 years I have had a securities license to sell mutual funds and variable annuities. Every year during those 12 years I witnessed additional safeguard being implemented by my broker dealer often times above and beyond the the regulators had put in place. Suitability assessments were more detailed with specific study of risk tolerance and windows of time available for these investment. Disclosure of fees and penalties became more of an issue with resulting additional assessments to determine suitability for current clients as well as new ones.
In closing, I would strongly recommend that no further restrictions and regulations are necessary, especially if it adds to the suspicion that all this regulation sets in front of people who understand and appreciate the risk/reward trade off of investing.
ONCE AGAIN, DO NOT IMPLEMENT ADDITIONAL REGULATION TO AN ALREADY REGULATED INDUSTRY. WE NEED TO HAVE TOUGHER PENALTIES FOR THOSE WHO ABUSE THE SYSTEM AND MISINFORM AND CONDUCT THEIR BUSINESS WITH MUCH DECEIT.