Hey look what was on the BOBZ thread.
By request, I'm reposting this here. Proposed SEC changes ... details inside.
Voyager
voyager@ragingbull.com
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The SEC has proposed a new rule to abolish naked shorting of OTC:BB stocks. If this proposal is adopted, then any shorting that is done, would have to comply with the same rules that the current big board NASDAQ stocks have.
Even if you don't currently own any OTC:BB stocks, you need to at the very least, read the bottom of this message, as there is something that the SEC is proposing regarding the uptick rule, that could possibly IMHO, affect ALL stocks.
Check it out ... IMHO, it's about time the SEC is doing something about this.
There is a proposed rule by the SEC to END Naked Shorting on the OTC:BB stocks.
sec.gov
and the specific rule ...
sec.gov
and the comments to date that the SEC has received ...
sec.gov
this is the web page with e-mail address that people can write to with comments about the new rule...
sec.gov
A writer would need to be sure to include the proposed rule number, like in the examples of those who have already written here:
sec.gov
I hope that this is something that we as Investors will indeed write to the SEC about (via the links above). IMHO, one of the main reasons that the OTC:BB stocks are so risky is not just because of sometimes the companies themselves, but because of the rampent manipulation of MM's to short the stocks and sell stock that just doesn't exist. This doesn't even mention the off shore short naked shorting either, which I understand this proposed rule will address as well.
The OTC:BB is cleaning up the problem companies by requiring them to be fully reporting (that is, they MUST file reports with the SEC in a timely mannor) to remain on the OTC:BB, now it looks like they are about to clean up the house on the MM side by addressing the rampent Naked Shorting and manipulation by Market Makers of OTC:BB stocks.
Here also is the OTC:BB new rules requiring that Companies be FULLY reporting.
otcbb.com
'There are no minimum quantitative standards which must be met by an issuer for its securities to be quoted on the OTCBB; however, the new Eligibility Rule limits quotations on the OTCBB to the securities of issuers that are current in their reports filed with the SEC or other regulatory authority. '
and here as well ..
otcbb.com
and here ...
otcbb.com
We need as individual investors, to take action here, and write to the SEC telling them that they need to indeed end what is IMHO, the current sanctioned Raping of investors by Market Makers and Off shore entities by the rampent Naked shorting and Manipulation of OTC:BB stocks.
Also, pay attention to the wording of the rules, as it appears that in this very same proposal, that the SEC is looking into removing the Uptick rule for stocks currently covered by the shorting rules.
Currently if someone wants to short a stock, they must 1st wait until an uptick before they short it. This rule protects the investors, by making sure shorts do NOT orchrastrate a 'bear raid' or do a 'pile on' and in effect 'kill' the stock, the company and it's shareholders along with it.
IMHO, we also need to make sure that the Uptick rule REMAINS in place as well. Now is the time to make your voice heard. We have until December 27th, 1999 to make our comments to the SEC on the issues contained in this proposal. You also need to read the whole proposal, as there might be also other issues contained within it that YOU might feel are important for YOU to comment on as well.
JMHO, FWIW ...
Voyager
:-)
Gary |
