Apr. 20, 2022
To whom it may concern regarding SR-NSCC-2022-003: NO to SR-NSCC-2022-003. I am an individual investor with multiple types of investment accounts, utilizing a 401k, Roth IRA, and individual stocks. From what I can count, this same policy has been proposed two other times, and on both of those occasions it has been withdrawn. The wording has changed to make this rule change appear different, but the core tenet of SR-NSCC-2022-003 is similar to past proposals / rule changes. I am highly troubled of the content regarding the proposed rule SR-NSCC-2022-003 which effectively allows failures to deliver to continue and pile up indefinitely, eradicating the infinite risk that comes with naked shorting. This system, if implemented, can easily be abused by market makers, who along with their practices of illegal naked shorting and dark pool transactions, can suppress the price of any securities they wish to target. A pillar that our free and fair markets rely on is price discovery, and if this new rule change is implemented our free and fair markets would become obsolete. Price discovery would be the manifest causality, but latently it would cause markets to become disorderly and unfair, while not protecting individual investors in the slightest. The mission of the Securities and Exchange Commission is protect investors; maintain fair, orderly and efficient markets; and facilitate capital formation. SR-NSCC-2022-003 does none of these. Which is why I am asking that the SEC upholds their mission statement by withdrawing the rule change and preventing further rule changes of similar nature to be excluded from future consideration. Again, NO to SR-NSCC-2022-003. Sincerely, Josh Miley American, Patriot, Economist Sent with ProtonMail secure email.