Mar. 15, 2023
To whom this may concern, I want to make the following comments regarding the proposed rule: The rule ineffectively protects household investors by lack of partiality and available information. Without this vital information, the investors can potentially lose out on profits. In contrast, big and small hedge funds can exploit the proposed rule. With a history of manipulated behaviours in the securities market, this ruling would offer them more loopholes that they can control. These loopholes will be used to increase their positions and destroy those who wish to trade in a ‘fair market.’ Moreover, it would encourage more manipulative behaviour by creating false accredited accounts (shadow accounts) that would be out of regulatory view; thus making it even harder to enact enforcement. As an international investor, I have seen these behaviours have an adverse effect in the US and the world. Yet, the SEC claims to fight for the people and works towards building a fair market. But, unfortunately, the SEC cannot serve two masters: the people and those with a gross amount of resources to control certain market aspects. The US boasts a fair market. But, it has been made abundantly clear that is not been the case since 2008. No lessons learnt, continued manipulation, and these rules are what lead the markets into turmoil. The financial crisis stems primarily from the US markets. I urge the SEC to make rules that benefit the people rather than just a select few. We all play the game. But we can’t change the rules in a middle of a game. That would be cheating. That would be hypocrisy.