Kert Martin
April 17, 2009
Florence Harmon
Deputy Secretary, Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Florence Harmon:
I have been a State Farm agent for nearly nine years. I live in a small community were your reputation is everything. Something hard to earn and keep, and quickly lost and never again attain. I writing you in regard to FINRA's proposed changes to Forms U4 and U5.
Though several changes are proposed, my specific concerns deals with the reporting of allegations of sales practice violations made against a registered person in the body of an arbitration claim or lawsuit in which that person is not named as a party.
This sets up a "guilty before charged" standard which I strongly oppose. This I believe could damage my reputation, and effect my business through no fault of my own. Further more, someone named in a lawsuit or arbitration can refute the charges, and legally clear his name. Someone not named does not have this opportunity.
I hope you will not approve the part of FINRA's proposal that would require the reporting of allegations of sales practice violations made against a registered person in which they are not named in the lawsuit or arbitration.
Thank you for considering my comments
Kert Martin