Scam Sniffing, Ball Busting Vigilantes Message Board

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Strategies & Market Trends : Scam Sniffing, Ball Busting Vigilantes

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To: Frank Walker who wrote (155)	7/22/1999 3:30:00 AM
From: The Duke of URL©	of 292

I: (off the top of my head, un-researched answer) 15c2-11 is first a regulation section under Title XV of the '34 act. It has a list of requirements that have been phased in to take effect about now and it applies to restrict a stock from being electronically traded. Sort of. It requires at least one MM/licensed BD to verify that a company actually exists before it can now trade. This has proven to be somewhat of an insurmountable obstacle for some of our most beloved stocks. The last time I looked at this was about a year ago, so this analysis is not intended to be relied upon. The "form" would contain places for the answers to the issues required in the regulation. The mechanism for restriction requires that the primary MM "vouch" that the financial statements are "current" and sort of correct. They don't want that responsibility so that means that not only does the company have to have financial statements (oh, Brave New World), but that they should be Certified, unless of course, the MM wants to "certify" them. So, if there is compliance with 15c.... then the lead MM must maintain a copy AND, if memory serves, must make a copy available to Usted. Duke.

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