Status: Closed — this petition is no longer accepting signatures.
Final supporters
COMPLIANCE ALERT
Want to Stay in Business?
The small B/D owner is the most heroic man on earth. They take fees and fines from us in the name of customer protection and market integrity, to fund their pensions, inflated salaries, gold plated healthcare plans, expensive office space and luxurious vacations.
And We’re Still Business
They design an arbitration system that we have no possible hope of ever winning. Over 90% of the time members end up paying money. Clients would be crazy not to arbitrate every single loss they had, the system is so corrupt. FINRA even funds law school clinics to ensure a steady stream of arbitration revenue to their coffers.
And We’re Still Business
If you are ever called by FINRA to appear at an OTR, On the Record “Interview” (deposition), check your Constitutional Rights at the door. Invoke the 5th and you can face expulsion. You can’t even be represented by counsel!
AND WE’RE STILL BUSINESS
NOW THEY FINALLY THOUGHT OF ONE THING THAT MAY
VERY WELL HAMMER THE FINAL NAIL IN OUR COFFINS
THE DOL RULE
We are still seeing a lot of legal wrangling and posturing about rollbacks, deletion, delays, and cancellation. So far, nothing has been accomplished other than a 60-day delay in implementation. The rule still stands in spite of all of the attempts to further delay its implementation, in the least. To add insult to injury, there is no real guidance coming from the DOL or FINRA of how to implement a “rule” that has been the core attitude of most all of us – treating the clients’ needs before our own.
There are over 1400 pages, and growing, of new, complicated regulations, enforced by trial lawyers, that offer no help to clients or the industry.
I have been working with members of Congress to call the regulators to task in the name of all of us, our families, employees, their children and families.
ADD YOUR NAME TO MINE AND I WILL DELIVER THIS PETITION TO:
- THE U.S. SECRETARY OF THE TREASURY,
- THE FINANCIAL SERVICES COMMITTEE,
- THE SECRETARY OF THE DEPARTMENT OF LABOR,
- THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION,
- THE CHAIRMAN OF THE PCAOB,
- THE PRESIDENT AND CEO OF FINRA, AND
- THE PRESIDENT OF THE UNITED STATES OF AMERICA
Help me help you! Your support in this fight against over-regulation and for our survival is vital. We must present a unified voice or we’ll all be looking for a job.
Stephen Kohn
(303) 880-4304
(303) 996-5680
[email protected]
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Updates
February 27, 2017
The momentum behind this petition confirms that many of you recognize the existential threat posed by these regulatory burdens. I appreciate your commitment to highlighting the systemic issues facing small business owners. We must maintain this focus to ensure that our concerns reach those in positions of authority.
29 Comments
PCAOB and DOL rules are overwhelming for a small broker-dealer firm who does not REPEAT NOT hold any client assets. PCAOB AND DOL RULES WERE CREATED AND SHOULD ONLY APPLY FOR LARGE FIRMS HOLDING REPEAT HOLDING CLIENT ASSETS. Of course large firms want PCAOB AND DOL BECAUSE THE INCREASED COST TO SMALL BROKER-DEALERS IS FORCING SMALL BROKER-DEALERS OUT OF BUSINESS REDUCING THE COMPETITION TO LARGE BROKER-DEALER FIRMS ALLOWING THE SAME LARGE FIRMS TO THEN RAISE FEES TO ALL CUSTOMERS BECAUSE OF LACK OF COMPETITION .
We are a small registered broker/dealer which must comply with many regulations, including obligatory payments, such as SIPC, which is completely irrelevant to a firm without customer accounts which is involved in M&A advisory work. Thank you for listening and let's right size these regulations!
Additionally, Why do firms who do not hold customer accounts need to maintain net capital? I pay thousands of dollars for E & O insurance, Why should I also be required to maintain net capital minimums?
1,400 pages of unnecessary rules and regulations enforced by trial lawyers? This new DOL rule has to go. It was written by trial lawyers for trial lawyers.
I have been operating a mutual funds B/D for 32 years on a commission only basis (Class A shares alone). I have 359 highly satisfied clients and on April 10th my business model becomes illegal. Something is wrong here.
Regulation is choking our business and only the large broker dealers are going to survive.
were aboard
Share this petition
Share this petition to help it reach more people.
Your share link
Status: Closed — this petition is no longer accepting signatures.
Final supporters
COMPLIANCE ALERT
Want to Stay in Business?
The small B/D owner is the most heroic man on earth. They take fees and fines from us in the name of customer protection and market integrity, to fund their pensions, inflated salaries, gold plated healthcare plans, expensive office space and luxurious vacations.
And We’re Still Business
They design an arbitration system that we have no possible hope of ever winning. Over 90% of the time members end up paying money. Clients would be crazy not to arbitrate every single loss they had, the system is so corrupt. FINRA even funds law school clinics to ensure a steady stream of arbitration revenue to their coffers.
And We’re Still Business
If you are ever called by FINRA to appear at an OTR, On the Record “Interview” (deposition), check your Constitutional Rights at the door. Invoke the 5th and you can face expulsion. You can’t even be represented by counsel!
AND WE’RE STILL BUSINESS
NOW THEY FINALLY THOUGHT OF ONE THING THAT MAY
VERY WELL HAMMER THE FINAL NAIL IN OUR COFFINS
THE DOL RULE
We are still seeing a lot of legal wrangling and posturing about rollbacks, deletion, delays, and cancellation. So far, nothing has been accomplished other than a 60-day delay in implementation. The rule still stands in spite of all of the attempts to further delay its implementation, in the least. To add insult to injury, there is no real guidance coming from the DOL or FINRA of how to implement a “rule” that has been the core attitude of most all of us – treating the clients’ needs before our own.
There are over 1400 pages, and growing, of new, complicated regulations, enforced by trial lawyers, that offer no help to clients or the industry.
I have been working with members of Congress to call the regulators to task in the name of all of us, our families, employees, their children and families.
ADD YOUR NAME TO MINE AND I WILL DELIVER THIS PETITION TO:
- THE U.S. SECRETARY OF THE TREASURY,
- THE FINANCIAL SERVICES COMMITTEE,
- THE SECRETARY OF THE DEPARTMENT OF LABOR,
- THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION,
- THE CHAIRMAN OF THE PCAOB,
- THE PRESIDENT AND CEO OF FINRA, AND
- THE PRESIDENT OF THE UNITED STATES OF AMERICA
Help me help you! Your support in this fight against over-regulation and for our survival is vital. We must present a unified voice or we’ll all be looking for a job.
Stephen Kohn
(303) 880-4304
(303) 996-5680
[email protected]
Updates
February 27, 2017
The momentum behind this petition confirms that many of you recognize the existential threat posed by these regulatory burdens. I appreciate your commitment to highlighting the systemic issues facing small business owners. We must maintain this focus to ensure that our concerns reach those in positions of authority.
29 Comments
I registered, at age 36, a broker/dealer and have been providing quality(would meet fiduciary standard) since then. Now I may be punished if I don't have a huge brochure clients won't read(like the privacy policy)singed by the client to indicate they got it. Could be fined, or incur large legal fees to prove I have nothing wrong. FINRA rules are more than enough. the DOL rule is not necessary.
PCAOB and DOL rules are overwhelming for a small broker-dealer firm who does not REPEAT NOT hold any client assets. PCAOB AND DOL RULES WERE CREATED AND SHOULD ONLY APPLY FOR LARGE FIRMS HOLDING REPEAT HOLDING CLIENT ASSETS. Of course large firms want PCAOB AND DOL BECAUSE THE INCREASED COST TO SMALL BROKER-DEALERS IS FORCING SMALL BROKER-DEALERS OUT OF BUSINESS REDUCING THE COMPETITION TO LARGE BROKER-DEALER FIRMS ALLOWING THE SAME LARGE FIRMS TO THEN RAISE FEES TO ALL CUSTOMERS BECAUSE OF LACK OF COMPETITION .
We are a small registered broker/dealer which must comply with many regulations, including obligatory payments, such as SIPC, which is completely irrelevant to a firm without customer accounts which is involved in M&A advisory work. Thank you for listening and let's right size these regulations!
Additionally, Why do firms who do not hold customer accounts need to maintain net capital? I pay thousands of dollars for E & O insurance, Why should I also be required to maintain net capital minimums?
1,400 pages of unnecessary rules and regulations enforced by trial lawyers? This new DOL rule has to go. It was written by trial lawyers for trial lawyers.
I have been operating a mutual funds B/D for 32 years on a commission only basis (Class A shares alone). I have 359 highly satisfied clients and on April 10th my business model becomes illegal. Something is wrong here.
Regulation is choking our business and only the large broker dealers are going to survive.
were aboard
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Your share link
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I registered, at age 36, a broker/dealer and have been providing quality(would meet fiduciary standard) since then. Now I may be punished if I don't have a huge brochure clients won't read(like the privacy policy)singed by the client to indicate they got it. Could be fined, or incur large legal fees to prove I have nothing wrong. FINRA rules are more than enough. the DOL rule is not necessary.