Oct. 28, 2022
As per your website, the self-proclaimed mission of the SEC is "to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust." In order to meet this goal, the SEC needs to be able to oversee wall street entities to ensure that there is no illegal activity taking place. In order to ensure that there is no illegal activity taking place, the SEC needs access to be able to see all trades that are occurring in the market. The fact that your agency does not already require this information is honestly insane to me (and explains why your agency has failed at its mission of protecting investors for the past 30+ years). This new proposed rule provides a bit more transparency, but it is still not enough. There are far too many loopholes in it for the SEC to get an accurate picture of what is actually happening in the markets - ESPECIALLY in the area of derivatives / shorts / swaps. It is absolutely necessary for the SEC to get timely and accurate reports of ALL market activity - not just the data that market makers and institutions choose to provide to you. (And taking that premise a step further, the penalties for not reporting and/or incorrect reporting need to be SIGNIFICANT - not just a slap on the wrist. And that goes for ALL infractions of ANY regulatory rules.) It's time for the SEC to actually follow through on their mission of providing a fair market for individual investors to participate in, because you have been failing miserably at that task for quite some time now. And full transparency is the ONLY way that you are even going to have a fighting chance at true oversight. So I am therefore requesting that you amend this rule to CLOSE ANY AND ALL LOOPHOLES regarding the reporting of derivatives (esp short positions and swaps). This rule is a good start, but it is not nearly enough. You are failing miserably at your stated goal of protecting the investors, and that needs to change NOW. And until you require accurate and timely reporting of ALL trades and derivatives, you are going to continue to be yet another completely useless regulatory agency that taxpayers are funding, but which they receive no benefit whatsoever from.