Oct. 08, 2022
October 8, 2022
October 8th, 2022
Vanessa Countryman, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC
20549-0609
Re: Reporting of Securities Loans (File No. S7-18-21)
Dear Secretary Countryman:
I am writing in strong support of rule 10c-1, \"Reporting of Securities Loans\".
From what I have seen in the market, securities loans are often, if not solely, used for shorting the stocks of companies, a practice banned in other countries. There have been too many incidents where brokers lend out their investor's assets, without any compensation, in order to make a profit themselves from the lending, without concern as to how those securities are being used. More often than not, these securities appear to be used again the very same stock, if not just sold on the open market for a quick profit. If retail investors and pension holders do not get to profit off of their own investments, the very least they can be provided is transparency of how their securities are being lent out. There is nothing wrong with more transparency and accountability.
In light of that last sentence, I greatly hope that such a beneficial piece of legislation isn't blocked solely by Hester Pierce of the SEC, who has thoroughly exemplified her opposition to retail's betterment.
Sincerely,
A Concerned Investor