Apr. 22, 2022
https://www.sec.gov/rules/sro/nscc.htm#SR-NSCC-2022-003 To whom it may concern, I am writing to you about NSCC-003, and my concern and complete ask that you vote “against” this proposed rule. The SEC needs to start being an advocate to the retail investor in this country, and not a conduit for WallStreet to manipulate. Hedge funds (HF’s) that engage in nefarious practices in the markets, are not to be rewarded. They are to be punished. “Naked shorting”, “Shorting”, “Dark Pools”, and “synthetic share” practices are not part of this great country and capitalism. They are manipulative tools, quite frankly criminal in nature, that need to end. Many of these practices are illegal in other countries around the world. This does not mean that those hedge funds, who have crippled themselves shorting companies that retail investors have rescued, get a pass. This NSCC-003 rule appears to be an attempt to give these hedge funds a pass. Two examples are, AMC/GME. Last year Tesla finally, after two profitable quarters, was able to offer a split in their stock. In a matter of a month the stock went from $500/share to $2400 before the split, and then went to $400+/share. This was due to shorting HF’s that had to cover. This rule conspicuously arrives as GME is about to offer a dividend in June, and Melvin Capitol announces a liquidation (basically) of their fund to offer a new fund. Of course they would have to cover a tremendous amount of shorts they have in the market, which they are claiming they do not have. AMC will have a second consecutive profitable quarter and the same will be true for them concerning the ability to offer dividends or splitting shares. Is this ruling to stop retail investors from profiting on our investments to save AMC/GME - while Hedge Funds that heavily shorted these companies (i.e.; AMC 22%) to bankrupt AMC/GME get a pass? The SEC needs to seriously reject this ruling, and start making changes that protect companies in America, while also protecting retail investors who are doing the right thing to promote the businesses we support. The SEC needs to squeeze these “shorting” entities and let them go out of business. They are likened to the Bernie Madoff’s of WallStreet. Using AMC alone, there are over 4.1 million retail investors who own over 90% of the shares who are watching. I respectfully ask the SEC to reject NSCC-003 at the next regular meeting. Thank you for you time, Sincerely, John Barton Veteran - USAF F16