August 23, 2004
Securities and Exchange Commission
SEC Broker-Dealer Rule Exemption
It is my wish that the SEC WITHDRAW, not amend the Broker-Dealer Rule Exemption.
I was an independent RIA beginning in 1993, falling under the supervision of the State of California several years later. I am currently an RIA Associate under another established IRA.
I can only tell you that the requirements are stringent, and rightfully so for the benefit of the client. Any individual or firm providing fee-based investment advice should have to meet the same standards.
Anything less presents risks to investors, and makes the system appear to be something less than regulated.
Richard D. Moore, CFP