Replies to post #7063 on YaSheng Group (HERB)

[RealDutch]

Nowhere does it say here that a lengthy review process could result in an ex-date deviating from the norm or rule, assuming the company filed on time (which they did).

Based on this I would say, FINRA is violating their own rules.

https://www.finra.org/rules-guidance/rulebooks/finra-rules/11140

I also found this

https://www.finra.org/filing-reporting/market-transparency-reporting/uniform-practice-code-upc/faq

8. How will I know if my Company-Related Action was processed or found deficient?

FINRA will provide a written notice to the requesting party setting forth the outcome of FINRA’s review. In addition, if FINRA determines that the request will not be processed pursuant to FINRA Rule 6490(d)(3), the written notice will state the specific factor(s) that caused the request to be deemed deficient.

So the company should know (have been informed) if the spin-off was denied.

It's quite annoying. But listen, initially the company didn't even know that FINRA had to get involved here. So who know whether they have been slow in providing all the info that is needed. Or whether FINRA is at fault here. We simply don't know.

6. What documentation is required for stock dividends which are 25% or greater than the security value?

Completed Issuer Company-Related Action Notification Form
Completed (PDF 509 KB)
Documentation identified on the electronic system when completing the company-related action notification form, e.g.:File stamped articles of incorporation, executed and notarized copy of Board of Directors Resolution authorizing the dividend, or SEC filing equivalent, or notarized and executed offers certificate, or specific state law stating why it is not required.