Monday, March 01, 2021 3:54:38 PM
These exceptions are being removed, that is the point, there must be current information relied upon to keep the Form 211. The broker dealers have used exemptions and exceptions on "dark" securities, in particular the "piggyback" exemption has been used, as long as quotation exist for at least 4 days a broker dealer my quote that security. that is why when the SEC suspended a security for 10 days the Form 211 dies and the exemption cannot be applied. however that hasnt stopped broker dealers from using unsolicited quotation to get around the lack of a Form 211. that is why you are now seeing this new rule that will take place.
THE REAL DTCC DISCUSSION
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