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4 DAYS REMAINING
_______________🔥__________________
⏳ Don't let time run out, get involved. Get proactive.
🚀 Be the catalyst.
I know you've seen a lot of this rule referenced on the sub but this isn't the minefield you may think it is, and if you're putting off submitting your comment because it's all a little bit overwhelming, I'm here to tell you it doesn't need to be.
💜💪 All the resources you need are here to help you:
Awesome eh?
Instead of an in-depth letter template, did you know you can just as easily send smaller comments to the SEC and it be just as effective?
"Me think, why waste time say lot word, when few word do trick." - Kevin Malone, Chilli legend.
You could say something like:
“Dear SEC,
I agree with the rejection of SR-OCC-2024-001 - and support the reasons for the dismissal as outlined on pages 4-5 of the Federal Register.
These include:
- Failure to promote prompt and accurate clearance and settlement of securities transactions and safeguard securities and funds.
- Lack of clear and direct lines of responsibility in governance arrangements.
- Inadequate policies and procedures to cover credit exposures to participants and insufficient margin calculation to cover potential future exposure.
Thank you for upholding the integrity of our financial markets,
Sincerely,
Or hell, taking inspiration from this INCREDIBLE letter here from WhatCanIMakeToday:
Full Letter Template 🎉🎉
📱 ☎️ Pastebin for mobile users: https://pastebin.com/dpXQ0gim
You could produce something like this:
_____________________________________
Subject: Concerns Regarding Proposed Rule Change SR-OCC-2024-001
Dear [[email protected]](mailto:[email protected]),
I am writing to express my concerns about SR-OCC-2024-001, titled “Proposed Rule Change by The Options Clearing Corporation Concerning Its Process for Adjusting Certain Parameters in Its Proprietary System for Calculating Margin Requirements During Periods When the Products It Clears and the Markets It Serves Experience High Volatility.”
I appreciate the opportunity to provide input on this matter. However, I cannot support the approval of this proposal due to several reasons:
- Lack of Transparency: The proposal contains significant redactions, preventing meaningful public review and comment.
- Systemic Risk: The OCC's proposal to reduce margin requirements for Clearing Members poses increased risk to the stability of our financial system. If clearing members cannot meet their financial obligations - they must close their bets.
- Conflict of Interest: The role of the Financial Risk Management Officer has an inherent conflict of interest to oversee both the well-being of Clearing Members as well as the agency itself.
- Moral Hazard: The proposal shifts the costs of Clearing Member defaults to the non-bank liquidity facility, creating a moral hazard and perpetuating an unfair marketplace.
- Inadequate Risk Management: The proposal fails to properly manage liquidity risk and increases systemic risk, as evidenced by the OCC's reliance on reducing margin requirements.
With note to the rejection reasons as put forward by the SEC in the dismissal of this rule:
- Failure to promote prompt and accurate clearance and settlement of securities transactions and safeguard securities and funds.
- Lack of clear and direct lines of responsibility in governance arrangements.
- Inadequate policies and procedures to cover credit exposures to participants and insufficient margin calculation to cover potential future exposure.
In conclusion, I support the SEC in their rejection of this proposed rule change - to ensure the protection of all investors and the integrity of our financial markets.
Thank you for considering my concerns and for your continued help to protect our markets,
Sincerely,
Household investor.
_______________🔥__________________
Consider inputting these writing guides into ChatGPT to help you compose your own comment.
Here's a prompt to help you get started:
Draft a formal letter expressing support for the SEC's decision to reject the OCC's proposed rule change. Emphasise the importance of transparency, risk mitigation, and investor protection in maintaining a fair financial market. Specifically, address concerns about the lack of transparency in the OCC's proposal, potential systemic risks from margin requirement adjustments during market volatility, and the conflict of interest in the FRM Officer's role. Maintain a respectful and professional tone, providing detailed reasons and supporting evidence for your support of the SEC's decision. Use the example letter as a reference for structuring arguments and aligning with the SEC's grounds for disapproval.
Work Smarter, not Harder.
ChatGPT is user friendly, check out what it looks like here: https://chatgpt.com
Please note:
🚨 ChatGPT remains an unreliable source for verified information and facts and will always require people to assess/review and cross-reference the generated responses.
You are the fact checker, not the AI.
For more tips, tricks and context - why not check out this snazzy post here: https://dismal-jellyfish.com/regulatory-killshot-wall-streets-attempts-to-shift-goalposts-have-been-shut-down/
_______________🔥__________________
✅ 📢 🌏 How to Comment:
- Commission's Internet Comment Form: Use the form available at SEC's rule comment page.
📱🖥️ ✉️ Email: [[email protected]](mailto:[email protected])
- Include the file number: SR-OCC-2024-001 34-100009 - in the subject line of your email to the SEC.
- This is open to audiences worldwide.
REMEMBER:
- Choose only one submission method to help the Commission process and review your comments more efficiently.
The Commission will post all comments on its website.
- You can access these at SEC's rule comment page.
Avoid including personal identifiable information in your submissions unless you want it to be made publicly available.
- The SEC may redact or withhold content that is obscene.
With credit and appreciation to Dismal-Jellyfish 💜
It's only takes two minutes to change the world.
So what are you waiting for?
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