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Non-Tech : Image Entertainment (DISK)
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To: geotrader who wrote (115)4/26/1998 6:36:00 PM
From: Mr Metals  Read Replies (1) of 379
 
SUMMARY: The Securities and Exchange Commission ("Commission") is publishing for public

comment proposed amendments to Rule 15c2-11 ("Rule") under the Securities Exchange Act of

1934 ("Exchange Act"). The Commission is publishing these proposals in response to

increasing incidents of fraud and manipulation in the over-the-counter securities market

involving thinly traded securities of thinly-capitalized issuers (i.e., "microcap

securities"). Rule 15c2-11 governs the publication of quotations for securities that are

traded in a quotation medium other than a national securities exchange or Nasdaq. The

proposals would require all broker-dealers to review information about the issuer when

they first publish or resume publishing a quotation for a security subject to the Rule,

document that review, annually update the information if they publish priced quotations,

and make the information available to other persons upon request. In addition, the

proposals would enhance the Rule's information requirements for quotations for the

securities of non-reporting issuers and ease the Rule's recordkeeping requirements when

broker-dealers have electronic access to information about reporting issuers. The

Commission also is proposing a number of textual and structural changes in an effort to

simplify and streamline the Rule. Finally, the Commission is proposing an amendment to

Rule 17a-4 under the Exchange Act that would incorporate the record retention requirements

currently contained in Rule 15c2-11.
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