April 16, 2009
Florence Harmon
Deputy Secretary, Securities and Exchange Commission 100 F Street, NE Washington, DC 20549
Florence Harmon:
As an insurance agent and financial advisor, I am writing to express my concern regarding certain aspects of FINRA's proposal to revise Forms U4 and U5. I am particulary concerned that part of the proposal that would revise Forms U4 and U5 to essentially require the reporting of allegations of sales practice violations made against a registered person that are contained in the body of an arbitration claim or lawsuit in which that person is not named as a party. Is it fair that a person would have to report allegations of sales practice complaints made against that person as long as the person was either named in or could be identified from the body of the claim, even if the person is not a party to the lawsuit or arbitration proceeding? I would think not, and hope that if you agree, you will do what is necessary to oppose its adoption.
Thank you for considering my comments.
Sincerely,
Gwendolyn L. Wood