February 20, 2022
As a retail investor I ask the SEC to Reject this proposed ruling as it would only further allow abusive and predatory naked short selling with no consequence - this hurts the company that is being sold short and their shareholders.
Please refer to specifically:
Section II(A)(1)(i) paragraph 13 sentence 4, borrowing or re-borrowing a security to settle a transaction, would mean they are borrowing to cover a security they never had to begin with- which is also known as naked shorting.
Wasnt the purpose of Reg Sho to protect retail from this illegal practice?
Please reject this rule proposed by the NSCC and also - please create a rule proposing to :
1. End SROs - Self Regulatory Organizations - ASAP. There is too much room for fraud corruption to thrive. As a taxpayer- I would be more than willing to pay for a specialized audit department within the SEC to police these organizations. They handle peoples pensions and 401ks, yet they mainly go unchecked.
2. Strict and prompt Enforcement of all current rulings with no less than:
A. Minimum prison sentences ranging from 10years to life AND
B. All profits made off the illegal transaction forfeited PLUS
C. A fine of no less than 100% of the total profits illegally gained.
I believe this would deter financial criminals from abusing the US stock market for their own personal gains.