Yes, for the most part, that's how I see it too. If a TA has 'reached his limit', it merely means someone has to convert their shares back to him, before he can legally re-issue more certs.
If no one is giving up their certs, and the requests keep coming in, it'll take a higher pps to inspire a cert holder to sell, which only then, can the TA re-issue a new cert.
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