July 31, 2010
As a Registered Representative I feel the suitability standard governing broker-dealers and registered representatives is robust enough to protect the public if current laws and regulations are enforced.
Additional regulation will:
exact high costs-both in terms of finances and time and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients and Registered Reps.
As a Registered Representative I am already closely monitored by my Principal.
Spending time on compliance issues is not productive. The costs are born by clients not only in terms of increased expense that is passed on to them, but also in terms of less time I have to service my clients.