February 7, 2022
I am writing in strong support of the work Chairman Gensler and the SEC are doing to restore fairness and transparency to our financial markets through these proposed regulations. Manipulating the markets by misusing swaps and derivatives must be tightly regulated, and violations should carry a stiff penalty. The same goes for insider trading (using material non-public information for advantage) and all other fraudulent schemes, as referenced in re-proposed Rule 9j-1.
I would like to further comment here on the meaning of stiff penalty. I expect more than toothless regulations and tough talk for white collar criminals. In the wake of the passage of these rules, I expect to see serious consequences such as, jail sentences and significant fines, for large-scale financial crimes perpetuated by Wall Street. I realize the SEC is a regulatory body that makes rules and not laws, but rules must be enforced to be meaningful. Slaps on the wrist have proven useless in deterring recidivism in the financial sector. We are counting on you to protect us.
Thank you sincerely for your courage, competency and resolve in addressing these longstanding issues of corruption in our markets.