User: 
---
           
return answer between these tag <answer> write answer here</answer>
**Prompt**:
You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms and negative terms indicating disapproval. 3) number of suggestions provided in the comment
Output in this format: Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.
**Example Output**:
{
    "approvalScore": 0,
    "positiveTermsCount": 0,
    "neutralTermsCount": 0,
    "negativeTermsCount": 0,
    "suggestionsCount": 0,
}

Assistant: Understood. I will strictly follow these instructions in this conversation.
User: 
You are required to think through the problem carefully before answer and present your thinking in response.
Your thinking should not stop until you are confident.

First, break the task into parts and evaluate step by step whether your predicted answer is correct.

On each step, evaluate your thinking also.

The problem is as follows:

You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms, and negative terms indicating disapproval. 3) number of suggestions provided in the comment. Output in json form Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.

The comment is below:


 
 C o m m e n t s   o n   S 7 - 1 4 - 0 8 
 
 
 
 
 N o v e m b e r   1 7 ,   2 0 0 8 
 S u b j e c t :   P r o p o s e d   R u l e   1 5 1 a   F i l e   N o .   S 7 - 1 4 - 0 8   
 I   f i r m l y   a n d   w i t h o u t   q u e s t i o n   o p p o s e   t h e   p r o p o s e d   1 5 1 a   r e s t r i c t i o n s   o n   t h e   s a l e   o f   F i x e d   I n d e x   A n n u i t i e s .   I n   y e a r s   p a s t   I   h a v e   b e e n   a   r e g i s t e r e d   r e p r e s e n t a t i v e   w i t h   a   s e r i e s   6   a n d   6 3   b r o k e r s   l i c e n s e   w h e n   I   w o r k e d   f o r   a   l a r g e   c o r p o r a t i o n .   A t   t h a t   t i m e   I   w a s   p r i m a r i l y   s e r v i c i n g   t h e i r   e x i s t i n g   c l i e n t s   w h o   h e l d   m u t u a l   f u n d   p o s i t i o n s .   I   h a v e   s i n c e   c h a n g e d   m y   c a r e e r   t o   w o r k   i n   t h e   i n s u r a n c e   i n d u s t r y   a n d   h a v e   f o r   t h e   l a s t   f o u r   y e a r s   w o r k e d   i n d e p e n d e n t l y   a s   a n   i n s u r a n c e   b r o k e r .   D u r i n g   t h a t   t i m e   I   h a v e   b e e n   a d v i s i n g   c l i e n t s   o n   t h e   p u r c h a s e   o f   v a r i o u s   f i n a n c i a l   p r o d u c t s   f o c u s i n g   o n   l i f e   i n s u r a n c e   a n d   f i x e d   a n n u i t i e s .   I   c h o s e   t o   r e l i n q u i s h   m y   s e c u r i t i e s   l i c e n s e s   p r i m a r i l y   b e c a u s e   I   d i d   n o t   l i k e   t h e   i d e a   o f   m y   r e c o m m e n d a t i o n s   p u t t i n g   m y   c l i e n t s    l i f e   s a v i n g s   a t   r i s k   o f   l o s s .   W h e n   I   b e c a m e   a n   i n d e p e n d e n t   a g e n t ,   I   c o n s i d e r e d   o n c e   a g a i n   b e c o m i n g   a   r e g i s t e r e d   r e p r e s e n t a t i v e ,   b u t   c h o s e   n o t   t o   b e c a u s e   o f   t h e   b u r d e n s o m e   a n d   e x p e n s i v e   r e q u i r e m e n t s   a n d   o v e r s i g h t ,   e s p e c i a l l y   i n   l i g h t   o f   t h e   f a c t   t h a t   I   w o u l d   n o t   b e   r e c o m m e n d i n g   p r o d u c t s   w i t h   r i s k   o f   l o s s . 
 I   f u l l y   u n d e r s t a n d   a n d   a g r e e   w i t h   t h e   n e e d   f o r   r e g u l a t i o n .   I t   i s   p o s s i b l e   t h a t   t h e r e   h a v e   b e e n   i n s t a n c e s   o f   a b u s e   i n   t h e   s e l l i n g   o f   i n d e x e d   a n n u i t y   p r o d u c t s ;   h o w e v e r   t h e r e   a r e   l a w s   a n d   e n f o r c e m e n t   a v a i l a b l e   t o   a d d r e s s   t h e s e   i s s u e s   t h r o u g h   t h e   s t a t e   d e p a r t m e n t s   o f   i n s u r a n c e .   W h a t   w e   a r e   d e a l i n g   w i t h   i s   a   g u a r a n t e e d   p r o d u c t   w h i c h   c a n n o t   r e s u l t   i n   t h e   l o s s   o f   t h e   c l i e n t s   p r i n c i p a l .   T h e   e n t i r e   p u r p o s e   o f   t h e   s e c u r i t i e s   l i c e n s e   i s   t o   d e a l   w i t h   a g e n t s / b r o k e r s   w h o   a r e   r e c o m m e n d i n g   p r o d u c t s   w h i c h   m a y   r e s u l t   i n   t h e   l o s s   o f   t h e i r   c l i e n t s   m o n i e s .   T h e   p r o p o s e d   r e q u i r e m e n t   i s   a n   e g r e g i o u s   o v e r s t e p p i n g   o f   g o v e r n m e n t   a k i n   t o   r e q u i r i n g   a l l   h a n d g u n   o w n e r s   t o   b e   d e p u t i z e d   i n   o r d e r   t o   p u r c h a s e ,   c a r r y   o r   o w n   a   g u n .   I t   i s   s i m p l y   f a r   o v e r r e a c h i n g   i n   i t  s   a p p l i c a t i o n . 
 I f   t h i s   p r o p o s a l   w e r e   t o   b e   m a d e   l a w ,   I   a n d   a   n u m b e r   o f   m y   c o l l e a g u e s   w o u l d   s i m p l y   s t o p   o f f e r i n g   t h i s   p r o d u c t   r a t h e r   t h a n   s u b m i t   t o   t h e   r e q u i r e m e n t s   e s p e c i a l l y   b u r d e n s o m e   t o   a   s m a l l   o r   i n d e p e n d e n t   a g e n c y .   T h e   r e a l   v i c t i m s   i n   t h i s   s c e n a r i o   a r e   t h e   p e o p l e   e n t e r i n g   r e t i r e m e n t   w h o   a r e   n o t   b e i n g   i n f o r m e d   o f   t h i s   i n c r e d i b l e   v e h i c l e   f o r   t h e   s a f e   g r o w t h   o f   t h e i r   l i f e   s a v i n g s .   T h e   f a c t   i s ,   r e g i s t e r e d   b r o k e r s   d o   n o t   p r o m o t e   f i x e d   i n d e x   a n n u i t i e s .   T h e y   w o u l d   m u c h   r a t h e r   p u t   f a r   t o o   m u c h   o f   t h e i r   c l i e n t s   a s s e t s   a t   r i s k   o f   l o s s   a n d   t h e n   " c h u r n "   t h r o u g h   a   v a r i e t y   o f   m u t u a l   f u n d s   t h a t   g e n e r a t e   m o r e   c o m m i s s i o n s   f o r   t h e m s e l v e s   t h a n   p o t e n t i a l   p r o f i t   f o r   t h e   c l i e n t . 
 I   h a v e   n e v e r   o n c e   i n   m y   c a r e e r   o f   o v e r   s e v e n   y e a r s   a s   a n   i n s u r a n c e   a g e n t   h a d   o n e   s i n g l e   c o m p l a i n t   r e g a r d i n g   m y   r e c o m m e n d a t i o n s .   A l l   o f   m y   c l i e n t s   t h i s   y e a r   w e r e   a b s o l u t e l y   t h r i l l e d   t o   h e a r   f r o m   m e   a t   t h e   t i m e   o f   t h e i r   a n n u a l   r e v i e w .   A l m o s t   w i t h o u t   e x c e p t i o n   t h e y   g o t   r e t u r n s   o f   0 %   t h i s   y e a r   i n   t h e i r   f i x e d   i n d e x   a n n u i t i e s ,   a n d   w e r e   t h r i l l e d   f o r   i t .   T h e i r   o t h e r   a s s e t s ,   w h i c h   w e r e   a t   r i s k   i n   t h e   m a r k e t ,   l o s t   v a l u e   t o   t h e   t u n e   o f   2 0 - 8 0 %   b a s e d   o n   w h a t   t h e y   h a v e   s h o w n   m e .   A l t h o u g h   t h e   f i x e d   i n d e x   a n n u i t y   c a n   b e   a   c o m p l i c a t e d   p r o d u c t ,   a n d   d o e s   r e q u i r e   i n   d e p t h   c o n s i d e r a t i o n   a n d   e x p l a n a t i o n ,   i t   i s   s i m p l e   i n   i t  s   c o n c e p t    p o t e n t i a l   g a i n s   i n   g o o d   y e a r s ,   n o   r i s k   o f   l o s s   i n   d o w n   y e a r s .   T h i s   i s   n o t   s o m e t h i n g   w h i c h   w o u l d   r e q u i r e   a   s e c u r i t i e s   r e g i s t e r e d   r e p r e s e n t a t i v e . 
 I   j u s t   d i d   a   r e v i e w   w i t h   a   6 2   y e a r   o l d   d i v o r c e    w h o   i n   A u g u s t   2 0 0 8   h a d   a n   I R A   ( a t   t h e   t i m e   v a l u e d   a t   o v e r   $ 6 0 0 , 0 0 0 )   i n v e s t e d   6 6 %   i n   " e q u i t i e s "   3 0 %   i n   v a r i o u s   " b o n d s "   a n d   4 %   i n   m o n e y   m a r k e t .   I n   m y   o p i n i o n   t h i s   w a s   f a r   t o   h e a v y   a   p e r c e n t a g e   a t   r i s k ,   e s p e c i a l l y   f o r   a   w o m a n   w h o   i s   n o t   a n   e x p e r i e n c e d   i n v e s t o r .   A l t h o u g h   I  m   n o t   r e g i s t e r e d   a n d   c o u l d   n o t   g i v e   h e r   d i r e c t   a d v i s e   o n   t h e   c h o i c e s   t h a t   h e r   W a c h o v i a   b r o k e r   h a d   m a d e   f o r   h e r   ( b y   t h e   w a y ,   s h e   d i d n  t   k n o w   w h a t   a n y   o f   t h e m   w e r e ) .   I   s i m p l y   r e a d   o f f   t h e   s t a t e m e n t   t h e   n a m e   o f   t h e   " e q u i t y "   o f   w h i c h   t h e r e   w e r e   a b o u t   2 0   d i f f e r e n t   p o s i t i o n s .   T h e y   w e r e   a l l   i n v e s t e d   i n   e i t h e r   m o r t g a g e   c o m p a n i e s ,   p r o p e r t y   m a n a g e m e n t   c o m p a n i e s   o r   h o m e   i m p r o v e m e n t   c o m p a n i e s .   I   c o u l d   n o t   g i v e   h e r   a n y   d i r e c t   a d v i c e   o n   t h e s e   p o s i t i o n s ,   b u t   h a v i n g   s i m p l y   r e a d   t h e m   t o   h e r   i n   t h e   f i r s t   w e e k   o f   O c t o b e r   s h e   r e a l i z e d   h e r   p o s i t i o n   f o r   l o s s   a n d   s a i d   t h a t   s h e   w o u l d   b e   t a k i n g   a c t i o n   t o   m o v e   t o   m o r e   c o n s e r v a t i v e   p o s i t i o n s .   I   h a v e   n o t   y e t   d o n e   a n y   b u s i n e s s   w i t h   h e r ,   b u t   h a v i n g   s i m p l y   p r e s e n t e d   t h e   c o n c e p t   o f   t h e   f i x e d   i n d e x e d   a n n u i t y   a n d   l e t t i n g   h e r   k n o w   w h i c h   i n s u r a n c e   c o m p a n i e s   I   r e p r e s e n t   I   b e l i e v e   I   w i l l   s o o n .   H e r   s t a t e m e n t   w a s ,   " w h y   w o u l d n  t   m y   b r o k e r   h a v e   r e c o m m e n d e d   s o m e t h i n g   l i k e   t h i s   t o   m e ,   a t   l e a s t   I   w o u l d n  t   b e   i n   t h i s   p o s i t i o n   o f   l o o s i n g   m y   l i f e   s a v i n g s . " 
 T h e   a n s w e r   i s   s i m p l e .   R e g i s t e r e d   b r o k e r s   s e l l   r e g i s t e r e d   p r o d u c t s   t h a t   g i v e   t h e m   o n g o i n g   c o m m i s s i o n s .   I n s u r a n c e   a g e n t s   s e l l   g u a r a n t e e d   p r o d u c t s   w h i c h   g i v e   t h e m   o n g o i n g   c o m m i s s i o n s .   T h e   f a c t   i s   t h a t   w i t h   t h e   s u r g i n g   g r o w t h   o f   r e t i r e e s ,   m o s t   o f   w h i c h   a r e   n o t   " m a r k e t   s a v v y   i n v e s t o r s "   w e   n e e d   t o   r e s p o n s i b l y   p r e s e n t   t h e m   w i t h   s a f e   o p t i o n s .   T h e   s h o r t   a n s w e r   i s   t h a t   t h e r e   a r e   e x c e l l e n t ,   m o r a l   a n d   l a w   a b i d i n g   i n s u r a n c e   a g e n t s   e a g e r   t o   o f f e r   t h i s   p r o d u c t .   I f   y o u   a s   l e g i s l a t o r s   f e e l   t h a t   w e   n e e d   t o   i n c r e a s e   a g e n t   t r a i n i n g ,   d o   s o .   I f   y o u   f e e l   t h a t   w e   n e e d   m o r e   d e f i n i t i o n   a r o u n d   o u r   m a r k e t i n g ,   d o   s o   t h r o u g h   t h e   c o m m i s s i o n e r s   o f   i n s u r a n c e .   D o   n o t   p a s s   p r o p o s i t i o n   1 5 1 a .   I n   t h i s   v o l a t i l e   e c o n o m y ,   y o u   w o u l d   b e   d o i n g   a   d i s s e r v i c e   t o   m i l l i o n s   o f   r e t i r e e s . 
   S i n c e r e l y ,   
 N e i l   K .   C r a i g I n s u r a n c e   B r o k e r 
 
   
 
 


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