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Novation Companies, Inc. Message Board

  • MINCE38 MINCE38 Mar 24, 2004 2:22 PM Flag

    No more naked shorting after april 1st?

    Can someone tell me where I can see an official article on this?

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    • March 10, 2004. (FinancialWire) It�s 16 market days and counting to the second deadline set by the NASD for U.S. marketmakers and brokerages such as Ameritrade Holding Corp. (NASDAQ:AMTD), Deutsche Bank AG (NYSE: DB), and ETrade Group, Inc. (NYSE: ET) to cut the lifelines of naked short-sellers and begin for the first time, by their own admittances in seeking the implementation delay of the new short-selling market regulations to April 1, to balance their certificate accounts.
      Adding impetus to the deadline, according to some observers, is the request by Manhattan District Attorney Robert Morgenthau to determine if J.P. Morgan Chase & Co. (NYSE: JPM) has violated the �know your customer� rules that are supposed to curtail money-laundering by organized crime and terrorist groups under the Patriot Act.
      ......

      Recently, leading market makers and brokers named in various lawsuits and other actions, including FleetBoston (NYSE: FBF), ....were given a �reprieve� until April 1 to comply with new short-selling market regulations imposed by the NASD after the SEC had �sat on� the NASD request to plug material loopholes for almost 2-1/2 years.
      For some in the industry, the fact that the new date coincides with �April Fool� was not lost.
      The NASD noticed its members that it is �delaying the effective date of amendments to Rule 3370 (Prompt
      Receipt and Delivery of Securities�the "Affirmative Determination" Rule) approved by the SEC in November 2003, until April 1, 2004.
      �The amendments expand the scope of the affirmative determination requirements to include orders received from broker/dealers that are not members of NASD ("non-member broker/dealers"). The effective date of the amendments originally was March 10, 2004,� said the notice.
      The proposed and now delayed rule is on the web at hxxp://www.nasdr.com/2610_2004.asp#04-03
      .......
      The scandal has embroiled hundreds of companies and dozens of brokers and marketmakers, in a web of internaitional intrigue, manipulative short-selling and cross-border accusations and denials.
      Comments on Regulation SHO ended January 5, and may be viewed at hxxp://www.sec.gov/rules/proposed/s72303.shtml .
      Some 122 companies, including 13 brokers, such as FleetBoston (NYSE: FBF), .....have been embroiled for over a year in a raging controversy
      The remaining 109 companies among the 122 named to date have issued press releases or been named in the media as having been victimized, or as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain.

      For more hxxp://www.stockhouse.ca/bullboards/viewmessage.asp?no=7555689&tableid=1

    • I'm sure you've already checked the www.sec.gov website.

      You didn't see anything there?