System Venders and registration

[Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>]

I said I do not think you can regulate honesty and that the law considers
ignorance no cause. I also agree with Chuck that nobody should assume that
a nonmember of the NFA is not an honest person. Having said that I do see a
need to licence system venders as far as there claims and wording and side
with Neil here. To much damage is being done to the naive public. Nobody
can regulate you the public can and will regulate the industry and its
verbiage with regard to communicating with its citizens and why is that a
bad thing. How can that be anymore restrictive than the NFA has already
imposed on its members, brokers etc. Venders can and should be able to
write any system they choose and we already have the C.F.T.C. in case of
fraud. The question becomes then why not make the system venders regulate
and licence if it will help stop the harm bad venders are doing today. Its
not that anybody wants to stop or restrict system vendors only make the
public aware of the possibilities of harm that can be done with them. The
whole subject of regulation is complex with both good and bad as all
business that can and do effect the public's finance or health. I
understand both sides but because of the harm Neil refers to I think I have
to be in his camp. I think the courts will agree with this but we will see.

Robert