April 16, 2009
Florence Harmon
Deputy Secretary, Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Florence Harmon:
I am an insurance agent and financial advisor who has spent many years providing valuable services to and looking out for the interests of my clients. I am writing to express the significant concerns I have regarding certain aspects of FINRA's proposal to revise Forms U4 and U5. While certain parts of the FINRA proposal are warranted and appropriate, my specific concern is with that part of the proposal that would revise Forms U4 and U5 to essentially require the reporting of allegations of sales practice violations made against a registered person that are contained in the body of an arbitration claim or lawsuit in which that person is not named as a party.
I believe that allegations should be proven to be justified before they are required to be disclosed in fairness to those agents who do their best communicating the features and benefits of a product.
I therefore oppose the proposed revision to Form U4. I do agree and support the prosecution of and applicable sanctions on those agents who engage in unscrupulous or misleading sales practices.
I therefore request that you not approve that part of FINRA's proposal that would require the reporting of allegations of sales practice violations made against a registered person that are contained in the body of an arbitration claim or lawsuit in which that person is not named as a party. Thank you for considering my comments.
Sincerely,
Maria R. Buss, LUTCF, RFC