Sunday, June 24, 2007 9:08:14 AM
Limit order protection has been mandated for the Pink Sheets as of July, this year.
There are significant positive implications for Esprit in this decision. These rules,
commonly referred to as Manning, historically applied only to NASDAQ listed
securities and those quoted on the OTCBB. The Manning principles and all the
interpretive guidance thereunder will now apply to those equity securities quoted
on the Pink Sheets.
a. Manning generally prohibits an NASD member from trading for its own
account in a security at a price that is equal to or better than an unexecuted
customer limit order in that security, unless the member immediately
thereafter executes the customer limit order at the price at which it traded
for its own account or at a better price.
b. These principles should provide some additional comfort to shareholders
regarding the potential for manipulation of the price per share my any
market-makers.
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