FFGO has survived because the SEC just has not gotten around to revoking it yet
the rules are the rules
FFGO and NMGL will be revoked if they fail to file end of story
and with NMGL now a SEC violator
the divvies are 100% Dead ...
please read the agreement between FFGO and NMGL
weasel clauses = is their specialty
plus ..
FINRA rule 6490 clearly spells out the troubles FFGO and NMGL have in regard to corp actions
The proposal sets forth five factors that the Department can consider in determining whether a request to process documentation is deficient: (1) FINRA staff reasonably believes the forms and all supporting documentation, in whole or in part, may not be complete, accurate or with proper authority; (2) the issuer is not current in its reporting obligations, if applicable, to the Commission or other regulatory authority; (3) FINRA has actual knowledge that parties related to the Company-Related Action are the subject of pending, adjudicated or settled regulatory action or investigation by a regulatory body, or civil or criminal action related to fraud or securities laws violations;10 (4) a government authority or regulator has provided information to According to FINRA, this factor would include instances when FINRA has actual knowledge of a Commission Order pursuant to Section 12(k) of the Act, 15 U.S.C. 78l(k), temporarily suspending the issuer’s securities or pursuant to Section 12(j) of the Act, 15 U.S.C. 78l(j), revoking registration of the issuer’s securities. 6 10 FINRA, or FINRA has actual knowledge, indicating that persons related to the Company-Related Action may be potentially involved in fraudulent activities related to the securities market and/or pose a threat to public investors; and/or (5) there is significant uncertainty in the settlement and clearance process for the security.
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