Mar. 16, 2023
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. Hello SEC, Regarding the re-proposed rule of S7-01-23. I have a serious issue with setting exceptions to the rule for risk-mitigating hedging activities, bona fide market making & certain liquidity commitments. These said activities are where this rule needs to be applied indefinitely the most. Hedge funds, market makers, and certain liquidity commitment institutions are the ones that create the most systemic risk with no accountability to the public. They do not represent retail. They can’t speak on behalf of retail. Let us speak for ourselves like how we’re doing now on comment on your proposals. The rule exempts non-reporting companies from registering certain securities offerings under the Securities Act. Non-reporting companies should require the most scrutiny as they’re the ones that act behind the veil of corruption and manipulation. The exemptions creates further lack of transparency for household investors to make informed decisions. Leading to further siphoning from the public. Don’t make this mistake by exempting those that require scrutiny the most. There must be no exemptions from anybody. A rule must be followed by everyone and every company. What would be the purpose of a rule if market makers and hedge funds are exempt from it? History has taught everyone that market makers and hedge funds are the ones that cause systemic risk. Our markets need more transparency, which is one of the jobs the SEC is focusing on. This prevents such transparency on all fronts. The proposed rule will be exploited indefinitely by said institutions. They’ve de-frauded the market before, They’re doing it still, and will continue to do so in the future. By limiting the exemptions to accredited investors, hedge funds will more than likely create fake accredited investor accounts to conduct manipulative behavior outside of regulatory oversight. I’m pleading you to not do this. Household investors understand more now. We just want fair, orderly, and transparent markets. Do not set exemptions. As the police of our market, these exemptions will just allow the criminals to run freely. Hector Chow Retail, Household Investor Sent from Mail for Windows