August 2, 2010
I am a veteran producer having been in the Financial Services Industry for 46 years. I am Series 7 and Series 24 Licensed. I am in a very small office with a major Independent Broker Dealer. I spend about one hour per day in my oversight duties and feel that if more regulations are added I will not be able to continue as a Principal in my firm as I just don't feel I have the time or desire to do so. In conjunction with my daily Principal Duties I have at least five audits a year that each require a minimum of six (6) hours per audit, plus the time of my brokers. This is very expensive and time consuming and if new regulations are added they will just ad another layer of regs on an already highly regulated industry.
I am a firm believer that if someone is going to do something illegal they will find a way around the various rules and regulations that are already in place. A crook will not stop being a crook because more regulations are piled on to the many already existing ones. In stead the rules and law abiding masses will be punished with more onerous regulations while the individuals who do not abide by the rules will continue to "cheat".
There are enough regulations in place today to protect the public.