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Last Post: 1/15/2013 2:57:31 AM - Followers: 5 - Board type: Premium - Posts Today: 0

Welcome to BOOTERS!  Home of famous criminals on the hot wing!



Post the NAMES and CASE LINKS of SEC "PENNY STOCK BAR" rulings.

Permanent or temporary.

Everybody here drinks seltzer water, so no know-it-all, unemployed drunks leaving a large bar tab, please.


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[Release No. 34-51983; File No. S7-02-04]
RIN 3235-AI02

Amendments to the Penny Stock Rules

AGENCY: Securities and Exchange Commission.

SUMMARY: The Securities and Exchange Commission is amending the definition of
"penny stock" as well as the requirements for providing certain information to penny
stock customers. These amendments are designed to address market changes, evolving
communications technology and legislative developments.

EFFECTIVE DATE: September 12, 2005.

Executive Summary

In January 2004, the Commission proposed amendments to rules under the
Exchange Act defining the term "penny stock" and requiring certain broker-dealers to
provide certain information to customers regarding penny stock transactions.1 These
proposed amendments were designed to respond to changing market structures, new
technology, and legislative developments.

In proposing these amendments, the Commission was particularly concerned with
their potential effect on small business capital formation. We recognized the important
contributions small companies make to the economy, and stressed that the rule
amendments were not intended to impede the access of small businesses to the capital
markets or eliminate viable secondary markets for their securities.2

The Commission received a total of 11 comment letters. Commenters included
investors, employees of broker-dealers, an attorney, a law school group, the American
Stock Exchange LLC ("Amex"), the National Futures Association ("NFA"), and The
Nasdaq Stock Market, Inc. ("Nasdaq").3 While many commenters generally supported
the Commission's proposals, some expressed concerns regarding particular provisions.
We discuss specific comments below in connection with the discussion of the rule
amendments.

After carefully considering the comments, the Commission is adopting the rule
amendments as proposed with a technical modification to correct a typographical error in
the proposal. In particular, we are amending Exchange Act Rule 3a51-1 to provide that
securities relying on the exclusions from the definition of penny stock for reported
securities, as defined in Exchange Act Rule 11Aa3-1(a), and for certain other exchangeregistered
securities must either be listed on a "grandfathered" national securities
exchange4 or be listed on a national securities exchange or an automated quotation
system sponsored by a registered national securities association (including Nasdaq) that
satisfies certain minimum quantitative listing standards.

In addition, the Commission is amending Rule 3a51-1 to exclude security futures
products from the definition of penny stock. We are also eliminating an outdated
exclusion for securities quoted on Nasdaq, as well as an outdated provision relating to
Amex's Emerging Company Marketplace.5

The Commission is also amending Exchange Act Rules 15g-2 and 15g-9 to
provide an explicit "cooling-off period" to replace the implicit period that customers
traditionally have had when the disclosure documents required by the penny stock rules
are provided by postal mail rather than electronically. Moreover, we are amending the
penny stock disclosure document (as defined below) and the instructions to it set forth in
Schedule 15G under the Exchange Act6 to update and streamline the document and to
make it more useful and easily readable.

Taken as a whole, these amendments are intended to ensure that investors
continue to receive the protections of the penny stock rules, regardless of changing
technology or market structures.


http://www.sec.gov/rules/final/34-51983.pdf



     New Patrons of The Penny Stock Bar may be found on the Securities and Exchange Commission web site:

   Administrative Proceedings
     The list below provides links to notices and orders concerning the institution and/or settlement of administrative proceedings.
     http://www.sec.gov/litigation/admin.shtml

 

PostSubject
#3  Sticky Note SEC NAME & CASE LINKS "PENNY STOCK BAR" rulings. Stock 09/30/09 10:37:15 AM
#87   On November 8, 2012, the Court entered a scion 01/15/13 02:57:31 AM
#86   The Securities and Exchange Commission (“Commission”) announced today scion 11/30/12 06:10:44 PM
#85   COURT FINES CEO CHRISTOPHER METCALF $50,000 AND IMPOSES scion 11/20/12 02:54:52 PM
#84   In addition, Austin is barred from acting as scion 10/01/12 02:18:46 PM
#83   On March 26, 2010, the Court entered a scion 09/28/12 10:29:56 AM
#82   On September 24, 2012, the Commission issued an scion 09/26/12 03:56:03 PM
#81   ROBERT C. PRIBILSKI - As the Division requests, scion 09/24/12 01:45:30 PM
#79   IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED scion 06/23/12 11:19:06 AM
#78   The SEC hereby submits settlement documents in this scion 06/18/12 09:36:19 AM
#77   Separately, Fleishman has also consented to the entry scion 05/08/12 01:03:29 PM
#76   Wolkoff also consented to be barred for five scion 04/30/12 07:56:29 PM
#75   Aaron M. Glasser is barred from association with scion 04/25/12 01:53:55 PM
#74   Mother Of All Saladbar Snacks! MOASS! Stock 04/23/12 08:44:44 PM
#73   So what does ths do for the massive Buckey 04/23/12 08:38:58 PM
#72   Booters Announces a new Deli Bar! Free jail Stock 04/23/12 08:33:46 PM
#71   Glisson was ordered to pay $2,765,650.65 in disgorgement, scion 04/23/12 08:32:08 PM
#70   Gabriel and Marco Bitran also agreed to pay scion 04/20/12 10:47:12 AM
#69   Todd further consented to be barred for ten scion 04/18/12 10:40:36 AM
#68   Frequent visits to Booters can cause liver spots. Stock 04/17/12 05:36:25 PM
#67   The court also barred Reynolds, Page, Fischer, RSMR, scion 04/17/12 05:29:37 PM
#66   The Commission has previously obtained a permanent injunction scion 04/10/12 12:01:48 PM
#65   Crushed. Stock 04/09/12 08:38:49 PM
#64   Van also consented to a district court order scion 04/09/12 08:00:02 PM
#63   I ORDER that, pursuant to Section 15(b) of scion 04/05/12 11:38:47 AM
#62   In view of the foregoing, the Commission deems scion 04/05/12 11:36:32 AM
#61   Cimini also previously consented to: a permanent injunction scion 04/03/12 12:49:39 PM
#60   This Bar is getting crowded. Overrun with losers. Stock 03/27/12 07:44:28 PM
#59   Accordingly, it is hereby ORDERED pursuant to Section scion 03/27/12 05:34:00 PM
#58   Accordingly, it is hereby ORDERED pursuant to Section scion 03/22/12 03:39:39 PM
#57   Pursuant to Section 15(b)(6) of the Exchange Act, scion 03/21/12 02:54:40 PM
#56   Accordingly, it is hereby ORDERED pursuant to Section scion 03/21/12 02:52:54 PM
#55   Kueng also has agreed to the issuance of scion 03/13/12 09:27:23 AM
#54   Richard Dalton - Welcome to BOOTERS. Pull up Stock 03/09/12 04:42:39 PM
#53   I ORDER, pursuant to Section 15(b) of the scion 03/09/12 02:58:04 PM
#52   GEORGE SPERANZA - Welcome to Booters. Permanent Penny Stock 03/08/12 10:01:13 AM
#51   IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED scion 03/08/12 09:59:50 AM
#50   LOL, so some people would have others believe. scion 03/06/12 03:20:31 PM
#49   But he didn't go to trial. That's "not Stock 03/06/12 02:29:32 PM
#48   34-66516 Mar. 6, 2012 James Clements scion 03/06/12 02:28:51 PM
#47   David Della Sciucca Jr. and Dwight Flatt Welcome-to-Booters. Stock 02/29/12 11:51:14 AM
#46   02/13/2012 41 FINAL JUDGMENT of Permanent Injunction and scion 02/29/12 10:03:30 AM
#45   Defendants David Della Sciucca Jr. and Dwight Flatt scion 02/29/12 09:52:37 AM
#44   U.S. SECURITIES AND EXCHANGE COMMISSION scion 02/16/12 06:22:04 PM
#43   yes, that's one of them. Stock 02/16/12 04:33:55 PM
#42   SEC bans Riviello for Asia Global, GH3 Int'l scion 02/16/12 04:33:24 PM
#41   Somebody really ought to update this board with Stock 02/16/12 04:28:32 PM
#40   On October 14, 2011, the Securities and Exchange scion 10/15/11 03:57:52 PM
#39   Perfect. scion 10/07/11 06:53:44 PM
#38   This board has a new name: Booters. - Stock 10/07/11 05:20:08 PM
#37   This board will be about the "Woodys" of Stock 09/21/10 08:27:00 PM
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