I believe it is another weapon for PNMS to use as they drive this back once the PDR process is functioning... It will only help pin these crooks against the wall...
IMO, it won't have much of an effect (even if there was rampant, grandfathered naked short selling), because it is only a modification of the grandfather clause for Reg SHO, which doesn't cover non-reporting threshold securities. The NASD would have to follow suit and update the grandfather clause for Rule 3210 for it to have any effect on the majority of PinkSheets.