Umax Group Corp. (UMAX)

[StockWatcher]

allezIOM, I totally agree that is "WHAT THEY ARE SUPPOSSED TO DO", but they do what they want till they get caught then fined.

But instead of the SEC and FINRA making all these stupid Rules, they should develop the platforms to track all stocks from their own data at the end of the day and do the T2 Count down and verify that they have covered the Naked Shorts. Rules mean nothing when they are not followed.

BUT I TOTALLY AGREE THAT THEY SHOULD COVER BY T2!


FYI, since September 5 : "The amended rule shortens the settlement cycle to two business days, T+2. "(REDUCED 1 day)
https://www.sec.gov/news/press-release/2017-68-0

Press Release
SEC Adopts T+2 Settlement Cycle for Securities Transactions
FOR IMMEDIATE RELEASE
2017-68
Washington D.C., March 22, 2017—
The Securities and Exchange Commission today adopted an amendment to shorten by one business day the standard settlement cycle for most broker-dealer securities transactions. Currently, the standard settlement cycle for these transactions is three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, T+2.

The amended rule is designed to enhance efficiency, reduce risk, and ensure a coordinated and expeditious transition by market participants to a shortened standard settlement cycle.

“As technology improves, new products emerge, and trading volumes grow, it is increasingly obvious that the outdated T+3 settlement cycle is no longer serving the best interests of the American people,” said SEC Acting Chairman Michael Piwowar. “The SEC remains committed to ensuring that U.S. securities regulation is reflective of modern times, and in shortening the settlement cycle by one day we aim to increase efficiency and reduce risk for market participants.”

Broker-dealers will be required to comply with the amended rule beginning on Sept. 5, 2017.

To assist broker-dealers, other securities professionals and the investing public in their preparation for the implementation of a T+2 settlement cycle, the Commission has established an e-mail address – [e-mail] – for the submission of inquiries to SEC staff.