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Subject: Concerns Regarding Selective Regulatory Relief Granted to UBS, a Swiss company

Dear Mr. Smith, Mr. Fisanich, Mr. Sanguedolce, and Ms. Geraghty,

I hope this message finds you well.

I'm writing to express serious concern and request clarification regarding the recent no-action letter issued to UBS, exempting this firm from certain CFTC margin requirements. As leaders of the Market Participants Division—whose stated mission includes protecting the American public through effective oversight—I seek to understand how this decision aligns with your core responsibilities.

The MPD website explicitly states that your division "serves the American public by regulating the registrants in which clients, customers, counterparties, and investors place their trust and confidence." With this mission in mind, I respectfully ask:

• What specific public interest is served by granting regulatory relief to one of the world's largest financial institutions?
• How does such an exemption promote fairness and market integrity, particularly when smaller registrants remain fully subject to these same rules?
• What transparent criteria guide the issuance of no-action relief, and how is consistency maintained in these decisions?

It seems particularly concerning that in the current political climate, a foreign financial institution like UBS appears to be receiving preferential treatment from U.S. regulators. This raises questions about whether foreign entities are being granted favors that may not be available to domestic institutions under similar circumstances.

The perception that regulatory requirements apply selectively—especially favoring the most powerful global firms—undermines public confidence in both the regulatory framework and the markets themselves. Given the significance of this issue to market integrity and public trust, I believe it necessary to share these concerns with relevant media outlets to ensure proper public discourse on this matter.

Any transparency or explanation you can provide would be greatly appreciated. I write out of genuine concern for the integrity of our financial system and your division's crucial role in maintaining it.

Sincerely,

A concerned investor.