SEC Approves New FINRA Rule 5122 Relating to Private Placements of Securities Issued by a Member Firm or a Control Entity
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REQUEST FOR COMMENT
EXECUTIVE SUMMARY
The NASD requests comment on a proposed amendment to
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Executive Summary
On July 12, 1994, the Securities and Exchange Commission (SEC) approved amendments adopting Guidelines to Article III, Section 35 of the NASD Rules of Fair Practice that prohibit members from using investment company rankings in advertisements and sales literature unless
Comment Period Expires April 24, 1995
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Executive Summary
The Department of the Treasury (Treasury) recently issued an Advance Notice of Proposed Rulemaking (ANPR) under the Government Securities Act of 1986 (GSA). Treasury intends to implement rules to require persons
1. T+0 settlement 2. Market Makers cannot be hedge funds. 3. Stock in hand rule ie short seller must have found and received stock before it can be shorted. 4. Public list of every entity which short sells a stock. 5. Maintenance requirement to short a stock to be cash only with zero marginable securities used as collateral. 6. Fine for Naked Short Selling enhanced to 1000% of stock's value
The use of dark pools as a tool for price suppression is overwhelmingly clear. Market manipulation is actively taking place and the free reign of large organizations to process transactions off-exchange is essentially cheating the system. Additionally, there is basically no real, enforceable regulation on the shorting of stocks. Through aggressive shorting, powerful entities can drive many
TO: All NASD Members and Other Interested Persons
EXECUTIVE SUMMARY
The Congress has recently enacted legislation providing sanctions against certain transactions with South Africa or South African entities. This notice provides information relating to certain provisions of that Act which may relate to the business of NASD members.
On October 2, 1986, Congress enacted the Comprehensive Anti-
(a) For purposes of applying any provision of the Rule 7600B Series that reflects a charge assessed, or credit provided, by the FINRA/NYSE Trade Reporting Facility, a member's activity will be aggregated automatically with the activity of its affiliates. Members are required to submit to the FINRA/NYSE Trade Reporting Facility a form disclosing affiliates and immediately provide notice to
Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a
National Association of Securities Dealers, Inc. (“NASD”)) is filing with the Securities
and Exchange Commission (“SEC” or “Commission”) a proposed rule change to adopt
new FINRA Rule 5122.
Technology is at a point where reporting times such as the current T+2 settlement is unnecessary and is being unfairly used as a tool for hedge funds and other entities to have leverage over retail investors. This can and should be transitioned to a T+0 settlement period. This modern world can transmit and receive data almost instantaneously and we should use this to help give the average
