Jan. 30, 2024
Hello, Thank you for taking the time to read this and the many other emails I'm sure you're receiving on this proposed rule change. I, a concerned U.S. citizen, fear for the stability of our public markets when rules such as this are being proposed. What happened to stakeholders' best interest? It seems to me from my point of view that the markets are run by the top >1% and for the top >1%. Collaboration with stakeholders is crucial for establishing industry-wide standards and best practices. Here are several key reasons why such collaboration is essential: Consistency and Uniformity: Collaboration ensures that standards and best practices are developed with input from various perspectives within the industry. It helps create consistency across different sectors, promoting uniformity in processes and procedures. Expertise and Diverse Insights: Stakeholders bring diverse expertise and insights to the table, enriching the standards-setting process with a variety of perspectives. Involving various stakeholders ensures that the standards and practices consider different industry nuances, technological advancements, and regulatory requirements. Increased Adoption and Compliance: When stakeholders are actively involved in the development of standards, they are more likely to adopt and comply with them. This collaboration fosters a sense of ownership and responsibility among industry participants, leading to more widespread implementation. Efficiency and Effectiveness: Collaboration streamlines the standards-setting process, making it more efficient and effective. By leveraging the collective knowledge and experience of stakeholders, industry-wide standards can be developed more quickly and with higher quality. Adaptability to Change: Industry landscapes evolve, and collaboration with stakeholders ensures that standards remain adaptable to changes in technology, market dynamics, and regulatory environments. Regular engagement with stakeholders facilitates the continuous improvement and updating of standards to address emerging challenges. Regulatory Compliance: Collaboration with stakeholders is essential for aligning industry standards with regulatory requirements. Proactive involvement of stakeholders in the standards-setting process helps to anticipate and address regulatory changes, reducing the risk of non-compliance. Enhanced Innovation: Stakeholders, including businesses, experts, and end-users, can contribute innovative ideas during the collaboration process. By fostering an environment that encourages innovation, industry-wide standards can reflect the latest advancements in technology and methodologies. Risk Mitigation: Involving stakeholders in the development of best practices helps identify and address potential risks early on. By collectively assessing risks and challenges, the industry can work towards establishing practices that enhance overall resilience. In conclusion, collaboration with stakeholders is not just beneficial; it is often a prerequisite for the successful establishment and implementation of industry-wide standards and best practices. This collaborative approach ensures inclusivity, relevance, and the ability to navigate the complexities of the modern business environment. Thank you for your time, and I hope you consider not implementing this rule. Aaron