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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: Pugs who wrote (19177)11/18/1997 12:55:00 AM
From: michael d kugler  Read Replies (1) of 55532
 
Pugs,
8. Three Day Settlement Requirement
In October 1993, the Commission adopted Rule 15c6-1 that
becomes effective on June 7, 1995. The rule establishes three
business days as the standard settlement time frame for most
broker-dealer transactions. Since the date of adoption, many
broker-dealers have been encouraging their retail customers to
leave securities in street name and to open money management
accounts to meet the three day settlement requirements. While
this practice is acceptable, it is a misrepresentation to state
that the rule requires customers to leave assets with broker-
dealers. The participants reported that the Commission is
considering distributing a brochure that lists the various
options customers have in holding securities. In addition, the
participants noted that regulatory action may be necessary to
ensure that broker-dealers communicate the various options to
customers.

Not sure where you find FRAUD,FRAUD,FRAUD here.
This rule applies to purchase or sale transactions.
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