Additionally, NASD has confirmed the position of the SEC staff relative to the application of SEC Rule 15c3-3(m) Completion of Sell Orders on Behalf of Customers and SEC Rule 15c3-3(d)(2) Requirement to Reduce Securities to Possession or Control. SEC Rule 15c3-3 requires member organizations to take prompt steps to buy-in securities to obtain physical possession or control under paragraph (d) (2) and to complete customer sell orders under paragraph (m). Such buy-in requirements related to BCIT are temporarily suspended until further notice. Similarly, the NYSE has issued Information Memorandum 05-67 stating that buy-in requirements pursuant to NYSE Rules 282 Mandatory Buy-In and 284 Procedures for Defaulted contracts, if applicable, are also suspended until further notice.
look at how it is worded, the NASD and the NYSE "confirmed" the position of SEC. that's saying they asked for and recieved it.
Now, i have looked for the same wording in all of the SEC statements and cannot find it.
i would apreciate it very much if a few others checked my work becuase it's important. i've run a half dozen differnt searches for the SEC order without luck
Megas has been accused of all kinds of things because of this suspension. it put him in a very awkward postion. his options have been very limited because without the buy-in? he has been forced to provide those shares, which he did until they asked for more shares than they can prove were counterfeited. keep in mind that when this "order" was published by FINRA, the issue was not NSes but counterfeit shares.
if anybody can find an SEC order in writing that "confirms" their "position"? i'd like to see it. why haven't the SEC folks rescinded the suspension (that they never even published- (publicly ordered in writing) since Megas covered the shares Pino and pammy printed up?
the whole case revolves around this issue, and it is what is making the shortsellers lose sleep, and it is why paying to have all the paperwork brought up to date is a waste of money.
Maybe you should sell, then. Oh that's right, Megas is trying to make good a mess he did not create and has had no direct help on by the US regulators that allowed this fraud to be perpetrated on Mr. Megas and us and have done almost nothing to rectify their transgressions.
no its not? where are you getting this from? tm does not need to do anything, bcit is a blank check company and we all knew that going in, it is still a blank check company, legally he does not even have to file.
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