Feb. 4, 2022
The requirement for immediate, accurate, and detailed reporting of TRS’s is absolutely necessary, to protect the integrity of America’s Financial Markets and to help insure that reckless ‘bad actors’ do not cause a market meltdown like they caused in 2008. But rules only work when they are enforced, and when enforcement penalties make the unwanted behavior, unprofitable. That means more than small fines made payable years after the fact. It means RICO style forfeiture combined with IRS fraud based penalties and interest, imposed swiftly, and in the most extreme cases criminal prosecution (without delay)CF Bernie Maddoff. But I’m confused because it seems this ‘rule’ has already been on the books for years yet it has not resulted in enforcement, and now we are just being asked to comment on it?