Speaking at FINRA's annual conference, Commissioner
Gallagher said that he remains skeptical about the recommendations of a staff report that an
"I've got to tell you, I'm not yet convinced, based on anything I've seen or heard, whether it’s the study or what we've gotten feedback on from the economic analysis request, that indicates that we need to do a rulemaking," Gallagher said.
"I don't actually believe that we should start from the presumption that there should be a rulemaking," he said. "I think we should start from the exact opposite presumption—it's no until somebody proves that it makes sense, that it addresses these issues of investor confusion, and that the costs don't outweigh the benefits. And I'm not there yet."
Where Gallagher is interested in seeing the
Gallagher reiterated a proposal he outlined in a recent speech in
Gallagher is suggesting that the
Gallagher acknowledged that many details—such as how the
"We are just sitting there as an institution with our chin out waiting to get pummeled, and I worry about it, I worry about it for the agency," Gallagher said. "I think we need help."
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