Replies to post #145308 on Good Vibrations Shoes Inc (GVSI)

[Hi_Lo]

FINRA neither approves or denies Corporate Action requests. They merely process them, as they are a 3rd party, non-profit organization.

Yet you fail to mention that FINRA has sent GVSI to the SEC Division of Enforcement once before when the SEC opened its administrative proceeding against GVSI because GVSI appealed the SEC/FINRA restriction on its corporate actions - an appeal that GVSI had to withdraw which means the restrictions are still in place.

https://www.finra.org/media-center/newsreleases/2023/finra-names-bill-st-louis-new-head-enforcement#:~:text=FINRA%2C%20overseen%20by%20the%20SEC,and%20informs%20the%20investing%20public.

FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws.

https://www.sec.gov/litigation/apdocuments/3-19407-2020-09-16-reply-to-finra-opposition-to-the-application-for-good-vibration-shoes.pdf

FINRA also acknowledges that the denial is based solely on failure to file periodic reports from 2008 to 2013 prior to filing a Form 15

https://www.sec.gov/litigation/apdocuments/3-19407-event-2020-05-12-brief-in-support-of-application-for-review.pdf

The DOP made no finding that the documentation GVSI submitted was in any way deficient. See Certified Record Tab 18 FINRA Deficiency Notice dated June 25, 2019. Yet on June 25, 2019, DOP refused GVSI’s application by providing GVSI with a deficiency notice. (Id.) In refusing to grant GVSI’s application, DOP stated its denial was based on a finding that GVSI had not completed certain periodic filings prior to filing its Form 15 on July 10, 2013

And since GVSI never fixed the six years of missing audited financials from 2008 - 2013 **BEFORE** filing its Form 15, which was the reason for FINRA issuing GVSI a Notice of Deficiency, it's still on the hook for those financials which Sharp already said he abandoned doing.

https://www.hg.org/legal-articles/how-finra-rule-6490-lmpacts-reverse-mergers-30567

For companies that engage in reverse mergers as part of their going public transaction, compliance with Rule 6490's requirements can be impossible particularly when custodianship or receivership actions have been used by shell brokers to create public shells after years of inactivity. These companies may have multiple corporate actions related to prior changes of control and often have sketchy corporate histories. Some have even been hijacked through custodianship or receivership actions. In these circumstances, documents may be unavailable or if provided to FINRA, it could potentially result in FINRA referring the matter to the SEC’s Division of Enforcement.

FINRA had already sent GVSI to the SEC Division of Enforcement before and will most likely do it again because nothing was fixed concerning the missing audited financials.

This is the most likely reason the name and ticker symbol corporate actions haven't been approved - especially with HokieHead saying it only takes 35 - 38 days for approval. GVSI is already past that time frame.

[MrNormall]

Basic stuff here. Pretty funny how some distort the truth.

"FINRA’s processing function helps to keep investors and the market informed of company corporate actions. However, FINRA is not responsible for approving or disapproving the action the company is taking. And FINRA does not review such requests for a company’s compliance with any federal, state or other regulatory requirements. The public company is responsible for making sure their business decisions comply with all applicable laws and regulations."

https://www.finra.org/investors/insights/corporate-actions-public-companies-what-you-should-know

[Jayman5000]

But FINRA can and does in fact refuse to process Corporate Action requests when they deem appropriate. That's why the Cutler SEC appeal that George withdrew existed in the first place. FINRA did not process their request. They put a stop to it. They put the kibosh on it. They halted it. They ended it. They ixnayed it.

If Cutler had been able to come up with the missing filings then perhaps FINRA would process the actions. But nope...

I guess some of us just use the word "deny" because it's more efficient than saying "refuse to process". But in the end it's the same result, no matter how much one may deny it. Oh sorry, "refuse to acknowledge" it.

FINRA neither approves or denies Corporate Action requests. They merely process them, as they are a 3rd party, non-profit organization.