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Non-Tech : Market Makers - What They Do and How They Do It -- Ignore unavailable to you. Want to Upgrade?

To: Savant who wrote (391)	8/30/2000 1:30:34 AM
From: Fundamentls	Read Replies (1) \| Respond to of 429

The rule 144 limitations are many, complicated, and interesting. I wonder if anyone actually does the oversight on all of them. The SEC is under staffed and under funded. They have a tough job, with insufficient resources. Having sold stock under Sec 144, I was under the impression (right or wrong) that the transfer agent is actually responsible for verifying the tradability of any restricted stock (whether restricted due to lack of registration or due to lockup). The certs have the restrictions indicated and the transfer agent has to reissue them to eliminate this, so this explanation made sense to me. I have no idea what sort of oversight exists, but my sense was that the brokerage wasn't going to touch that stock until the transfer agent gave them the all-clear signal. Maybe someone else can shed more light on this one. Regards, Fund