Regulation is choking our business and only the large broker dealers are going to survive.
D
dan roberts
9 years ago
were aboard
S
Susan Escobio
9 years ago
Under an Executive Order signed by the President, we were under the impression that there would not be any new regulations. Meanwhile, there continues to be an overwhelming effort of overreach by financial regulators as though they were in a hurry to eliminate as many small broker/dealers as possible before the new Administration realizes it. They also accomplish this by amending existing regulations to expand their own rules. This includes Federal regulators such as the CFTC and others such as the NFA. While regulators increase their revenues and retirement accounts by imposing hefty fines on large and small firms and its representatives based on false and unproven allegations, in which minor situations are made to appear extreme in order to weaken the reputation of the most vulnerable firms, also paving the way for other regulators to take advantage, all with egregious allegations. Our constitutional rights are being stripped away from firms and their employees due to FINRA’s Rule 8210, which reaches far beyond their jurisdiction. Not to mention, the rules allow regulators conspire with each and secretly collude to have an advantage harmful to the receiver of their injustice, leaving one without the means to defend oneself. All the while I thought they were interested in protecting the investor, -- what an oxymoron.
S
Susan Escobio
9 years ago
Under an Executive Order signed by the President, we were under the impression that there would not be any new regulations. Meanwhile, there continues to be an overwhelming effort of overreach by financial regulators as though they were in a hurry to eliminate as many small broker/dealers as possible before the new Administration realizes it. They also accomplish this by amending existing regulations to expand their own rules. This includes Federal regulators such as the CFTC and others such as the NFA. While regulators increase their revenues and retirement accounts by imposing hefty fines on large and small firms and its representatives based on false and unproven allegations, in which minor situations are made to appear extreme in order to weaken the reputation of the most vulnerable firms, also paving the way for other regulators to take advantage, all with egregious allegations. Our constitutional rights are being stripped away from firms and their employees due to FINRA’s Rule 8210, which reaches far beyond their jurisdiction. Not to mention, the rules allow regulators conspire with each and secretly collude to have an advantage harmful to the receiver of their injustice, leaving one without the means to defend oneself. All the while I thought they were interested in protecting the investor, -- what an oxymoron.
E
Elton Johnson, Jr.
9 years ago
I signed. This is getting ridiculous. Here is what they are doing to me. From the end of 2001 to the end of 2014, I served on TEN deployments in service to my country. Because I was basically a one-man BD, all my active military duty time adversely affected the revenues of my BD and, as a result, my BD fell out of net capital compliance. Because of this, the FINRA issued me an amended Membership Agreement. Now, my BD is back in net capital compliance and I am trying to restart my BD. All I want to do is go back to my Membership Agreement because my BD is now back in net capital compliance. However, they are making me go through a complete Change of Membership Application as if my BD is brand new and not a BD that has been a FINRA member for 23 years and whose only problem was being out of net capital compliance because of the owner and Main Principal was serving his country in war time. It’s like they are penalizing me for serving my country in uniform in war time. It is unbelievable!
E
Elton Johnson, Jr.
9 years ago
This is getting ridiculous.
R
ROBERT E HILLARD
9 years ago
Featured
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.
W
William Cohen
9 years ago
Pbaob audits and DOL rules are overreaching and ridiculously burdening and oppressive on small BD's.
B
Blaine Stahlman
9 years ago
Featured
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 .
T
Tim Moody
9 years ago
Thanks for the help.
D
Doug Brode
9 years ago
The DOL Fiduciary Rule criminalizes what I have been doing for 32 years while, at the same time, grossly enriching supposedly "objective" investment advisors. Contact me for the facts about compensation if you want to know the truth.
F
F David Holloway
9 years ago
This regulation is so harmful to the small Broker Dealer ...DELAY AND STOP THIS LEGISLATION!
J
Justine Eidt Tobin
9 years ago
The rules are overwhelming for a small firm like ours. Please stop PCAOB and DOL.
J
Julie Levenson
9 years ago
Featured
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!
D
David Ketsdever
9 years ago
Please add to your list the patent unfairness of BD's having to pay into SIPC even if they do not hold customer funds. This is a tax on those who both cause no risk to the pool nor benefit from it.
C
Clarence Yee
9 years ago
Has anyone seen the details of the $17 billion annual loss from retirement accounts caused by unscrupulous brokers as claimed by DOL, et al?
J
john maceranka
9 years ago
Featured
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?
A
Anonymous
9 years ago
this regulation is overkill! PCAOB should only be for public firms, and or firms that trade their own account.
R
ROBERT E HILLARD
9 years ago
My broker/dealer is not a dealer. We do not touch stock certificates and do not hold client checks over 24 hours. An audit of B/Ds like ours is totally unnecessary.
F
Fernando Fussa
9 years ago
These and many other regulations are extremely onerous for small firms, specially PCAOB audit requirements!
Regulation is choking our business and only the large broker dealers are going to survive.
were aboard
Under an Executive Order signed by the President, we were under the impression that there would not be any new regulations. Meanwhile, there continues to be an overwhelming effort of overreach by financial regulators as though they were in a hurry to eliminate as many small broker/dealers as possible before the new Administration realizes it. They also accomplish this by amending existing regulations to expand their own rules. This includes Federal regulators such as the CFTC and others such as the NFA. While regulators increase their revenues and retirement accounts by imposing hefty fines on large and small firms and its representatives based on false and unproven allegations, in which minor situations are made to appear extreme in order to weaken the reputation of the most vulnerable firms, also paving the way for other regulators to take advantage, all with egregious allegations. Our constitutional rights are being stripped away from firms and their employees due to FINRA’s Rule 8210, which reaches far beyond their jurisdiction. Not to mention, the rules allow regulators conspire with each and secretly collude to have an advantage harmful to the receiver of their injustice, leaving one without the means to defend oneself. All the while I thought they were interested in protecting the investor, -- what an oxymoron.
Under an Executive Order signed by the President, we were under the impression that there would not be any new regulations. Meanwhile, there continues to be an overwhelming effort of overreach by financial regulators as though they were in a hurry to eliminate as many small broker/dealers as possible before the new Administration realizes it. They also accomplish this by amending existing regulations to expand their own rules. This includes Federal regulators such as the CFTC and others such as the NFA. While regulators increase their revenues and retirement accounts by imposing hefty fines on large and small firms and its representatives based on false and unproven allegations, in which minor situations are made to appear extreme in order to weaken the reputation of the most vulnerable firms, also paving the way for other regulators to take advantage, all with egregious allegations. Our constitutional rights are being stripped away from firms and their employees due to FINRA’s Rule 8210, which reaches far beyond their jurisdiction. Not to mention, the rules allow regulators conspire with each and secretly collude to have an advantage harmful to the receiver of their injustice, leaving one without the means to defend oneself. All the while I thought they were interested in protecting the investor, -- what an oxymoron.
I signed. This is getting ridiculous. Here is what they are doing to me. From the end of 2001 to the end of 2014, I served on TEN deployments in service to my country. Because I was basically a one-man BD, all my active military duty time adversely affected the revenues of my BD and, as a result, my BD fell out of net capital compliance. Because of this, the FINRA issued me an amended Membership Agreement. Now, my BD is back in net capital compliance and I am trying to restart my BD. All I want to do is go back to my Membership Agreement because my BD is now back in net capital compliance. However, they are making me go through a complete Change of Membership Application as if my BD is brand new and not a BD that has been a FINRA member for 23 years and whose only problem was being out of net capital compliance because of the owner and Main Principal was serving his country in war time. It’s like they are penalizing me for serving my country in uniform in war time. It is unbelievable!
This is getting ridiculous.
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.
Pbaob audits and DOL rules are overreaching and ridiculously burdening and oppressive on small BD's.
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 .
Thanks for the help.
The DOL Fiduciary Rule criminalizes what I have been doing for 32 years while, at the same time, grossly enriching supposedly "objective" investment advisors. Contact me for the facts about compensation if you want to know the truth.
This regulation is so harmful to the small Broker Dealer ...DELAY AND STOP THIS LEGISLATION!
The rules are overwhelming for a small firm like ours. Please stop PCAOB and DOL.
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!
Please add to your list the patent unfairness of BD's having to pay into SIPC even if they do not hold customer funds. This is a tax on those who both cause no risk to the pool nor benefit from it.
Has anyone seen the details of the $17 billion annual loss from retirement accounts caused by unscrupulous brokers as claimed by DOL, et al?
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?
this regulation is overkill! PCAOB should only be for public firms, and or firms that trade their own account.
My broker/dealer is not a dealer. We do not touch stock certificates and do not hold client checks over 24 hours. An audit of B/Ds like ours is totally unnecessary.
These and many other regulations are extremely onerous for small firms, specially PCAOB audit requirements!