VirExit Technologies Inc (VXIT)

[structengr]

Believe he is referring to this...

https://www.sec.gov/news/public-statement/staff-fully-paid-lending



Staff Statement on Fully Paid Lending
Division of Trading and Markets Staff

April 16, 2021

[1] On October 22, 2020, Commission staff issued a no-action letter regarding the broker-dealer customer protection rule, Exchange Act Rule 15c3-3, in relation to certain fully-paid lending programs operated by some broker-dealers.[2] Rule 15c3-3(b)(3) requires broker-dealers entering into agreements with their customers who lend the broker-dealers fully-paid or excess margin securities to provide the securities lenders with collateral that fully secures the loans.[3] Staff’s letter stated that the staff would not recommend enforcement action to the Commission regarding these programs for six months from issuance of the letter, or until April 22, 2021, to give firms time to come into compliance with the Rule.[4]

Broker-dealers operating these programs should be mindful of the importance of complying with the requirements of Rule 15c3-3 and ensuring that retail investor funds receive the full protections afforded under the Securities Investor Protection Act. To the extent that broker-dealers have questions about their programs, they are encouraged to reach out to and/or continue to engage with Commission staff regarding any questions.


Struc