Feb. 7, 2022
Hello, I would like to comment on the need to passS7-32-10 as I believe it is a continued good faith effort to protect retail investors from fraudulent activity in the market. I believe that it is absolutely necessary to improve transparency in the market regarding security-based swaps. Currently there is not enough transparency regarding these instruments and it appears that they are being used in many instances to manipulates stock prices denying true price discovery in the market based on large trading house positions relative to specific stocks. I also believe that currently the rules are far too lenient on companies and individuals who partake in misleading trading practices where any penalties are far too lenient in relation to the value that a entity gains by engaging in these deceptive practices. The penalty should match the crime, where the offending entity loses any and all gains in addition to added financial penalties. As it stands, the current set of rules allow and incentivize bad/borderline illegal trading activities. Due to the current state of the market and lack of true price discovery many individuals are finding it necessary to remove their shares from the DTCC via direct registration and I believe that trend will continue as more people recognize the decline of integrity in the market. This, along with other rules, the SEC is promoting might be able to rectify these bad actors and restore integrity to the market. Regards, Mike Miller