Thousands of investors are now petitioning to stop FINRA’s absolute immunity as concerns resurface on social media.
The FINRA-MMTLP blue sheet motion was dismissed in June by a judge in the Supreme Court of New York City for allegations deemed as “speculative and conclusory”.
The self-regulatory body claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.
FINRA stated that the petitioner’s request is ‘overbroad and unduly burdensome’, being one of the few claims to deny MMTLP investors the blue sheets.
They also state that blue sheet data may reveal the confidential trading approach of firms and their customers, and includes personal, financial, and identifying information for individual and other investors.
Investors started a petition at the time of the events and has now resurfaced with nearly 1,900 signatures to end FINRA’s immunity.
Investors have shared their concerns about the self-regulatory body having too much concentrated power with no oversight.
“In light of FINRA’s inability to protect retail investors, as stated in their mission statement, and amidst of the concerns of illegal naked shorting, spoofing and market manipulation present in the stock market, I propose the SEC and Congress strip FINRA’s SRO status and its Absolute Immunity protection.
A regulatory body such as FINRA (or any public, private or self-regulated body for that matter) should not be able to shield itself from any form of litigation on the basis of absolute immunity.
The judicial system works only if everybody and every body has equal participation,” sates the petition.
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