Gene,
Would it surprise you, and many in your 'group' that I agree for the most part, with almost ALL of what you said, INCLUDING the need for MORE regulation of companies as well REAGARDLESS of what market they trade on?
Only reason many of us in the MMM group, have been focusing on the Market Makers, is that the SEC brought the issue up in the first place with the recent SEC concept shorting proposal.
Thus, since they, the SEC have now at least SEEMED to have focused on the MM side of the house, that is why we are too. At least for me, that is the ONLY reason I've been concintrating on the MM's, and NOT the whole picture.
However, you are indeed right ... there is MORE that needs to be cleaned up that JUST the MM side of the house.
While the recent OTCBB rule requiring all companies be fully reporting is a step in the right direction, there is more I feel that needs to be done on the companies side of the house as well.
I for one would LOVE to see the following reforms for the companies as well.
1) Currently insiders MUST file a form 144 to register their shares for them to be sold.
They then must file a form 4, when they sell, but currently there is NO regulation giving a time frame when they must do so.
I'd like to see a 10 day time frame MANDATED for the companies to file that form 4, when the insiders sell, and for what price, or the companies would face stiff fines and penalties for failure to do so.
2) When ever companies sell shares directly to anyone, be it to individuals, Venture capitalists, people who loan money to the company via convertables, or 'consultants', I'd like to see those persons or companies that do the buying of those shares, classified as insiders, regardless of how many shares they bought, with all the SEC rules applied to those people, that pertain to insiders.
3) Convertables ... I'd like to see them restricted further, and made so that they could NOT be allowed as instruments to be shorted against, in ANY way.
4) When ever a company sells directly shares of the company, they MUST do some sort of a filing with the SEC announcing they sold the shares, how many, what price, and to whom. They must ALSO issue a PR to the public, telling them they did this. All of this would HAVE to be done within 10 business days of the event in question.
5) When ever an event is done by the company, that would increase the O/S for any security, for ANY reason, the company in question, would be reqired to file some sort of form with the SEC within 10 days of that event, or face stiff fines and penalties.
6) When a convertable is finally excersized, that the company or better yet, the convertable holder, would have to divulge via a form with the SEC, how many shares were actually excersized by the convertable holder, and if there are any more shares, or amounts of money, remaning to be excersized.
I have others .. but those are the ones I can think off, off the top of my head.
I currently own the domains of :
stockmarketreform.com .org and .net and while currently those URLS are being redirected to the Stopmmmanipulation.com website, once I have the time to create it, and the website up and working, I will be redirecting the URL's to my website, in order address ALL of the issues I feel important, and NOT just the MMM aspect of the issue.
JMHO, FWIW ...
Voyager
stockmarketreform.org |
