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New SEC-rules will put-a-stop to these scam promotions.

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waterchaser Member Level  Friday, 10/18/19 11:01:02 AM
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New SEC-rules will put-a-stop to these scam promotions.

PROPOSED SEC RULE REGARDING HMLA AND OTHER NO-DISCLOSURE STOCKS


Last week the SEC filed a proposal that will become effective after the 60 day period for comments has expired and any comments are taken into consideration.

Essentially the proposed RULE will remove all 15c2-11 qualifications for Market Maker representation when there is NO CURRENT information/disclosures from every OTC stock. This RULE will adversely affect every delinquent SEC registered stock and every not-registered stock on the OTC that has no currentinfo/disclosures.

This RULE will diminish the need for SEC Suspensions where the SEC has to spend time to find delinquent SEC Registered stocks and OTC stocks that DO NOT have any current information.

The new RULE will place all responsibility on Brokers and Market Makers to ensure ALL information and disclosures are current, and if not current to remove their quotation services, automatically placing those stocks on the Grey Market by default.

HMLA can go to the Grey Market by default as well as 100's of other no-disclosure stocks that will lose their Market Maker representation.

https://www.sec.gov/rules/proposed/2019/34-87115.pdf

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