September 26, 2009
I am a one man broker dealer with limited resources and I object to the FINRA proposal to double the personal assessment and alter the method for calculating the Gross Income Assessment.
When FINRA was created we were advised that the new regulatory organization has substantial capital, but obviously did not prepare for the economic down turn. Smaller broker dealers are already burdened by a plethora of new regulation and cost for supervision, oversight, monitory, continued regulatory changes, and it would be a significant additional financial burden to escalate regulatory fees My broker dealer income is down substantially and it would be unfair to burden smaller broker dealers with increased fees. The ultimate result is likely force more smaller broker dealers out of the securities business since we are disproportionately burdened