August 24, 2010
There are so many rules on the books governing Broker-Dealers and their representatives. Who is inforcing the current rules and laws? There are enough rules in place to regulate and keep everyone doing business the proper way. There is not the inforcement of the current rules. Enforce what is already there.
More rules will only keep the honest people honest. Those that want to hurt consumers - they will find a way to continue to do just that. You would think that the Ethics continuing education was water off the duck's back for some people. They have lost the meaning of being a service to the public.
Broker - dealers and their representatives have 4 continuing education units they are required to do each year, plus a proctor exam that OSJ's are required to take every 2 years. This is more requirements than Insurance agents are required to complete. Insurance agents rip clients off everyday - yet no one monitors them like Security reps. I only sell mutual funds through a broker dealer.
This bill seems to really over do the regulations
William "Bill" Ballesteros