As noted by kapil this morning (and previously on Friday by ESW3) the website was mentioned (and linked) in the Wall Street Journal on Friday.
The article by Jason Zweig, was relative to the SEC regulation 15c2-11 – ‘expert markets’ and the debacle of listings on certain OTC securities.
The article is here. You need a subscription to read the full article.
Here is a snip of a small part of the article –
Thanks to all for being active in discussion that is enough to garner some attention for our little part of the investing universe.
We can only hope that high level commentary &shaming of their stupid actions can shake-up the SEC, and get this changed.
IMHO, it’s not a bad idea to send a short note to your Congressperson telling them you’ve been affected by the rule, asking them to exercise their SEC oversight responsibilities and requesting a response back from the SEC. With Zweig’s article now in print, it’s much easier for the Little People to make a persuasive case that the new rule is a “fail” at investor protection.
Just my opinion.
I agree–probably the approach most likely to have an effect.
Also- there might be an avenue or two to make thoughts known to the SEC:
The Ombudsman section might be of use:
“Retail investors may contact the Ombudsman if they have a specific concern about the SEC or a self-regulatory organization (SRO) the SEC oversees. Retail investors and other interested persons may also contact the Ombudsman to present questions or issues to the Investor Advocate relating to securities law and policy, or if they wish to present their concerns, questions, or issues in a confidential forum.”
https://www.sec.gov/ombudsman
More info: Commissioner’s comment- in the second from top, confirms our kind of complaints:
https://search.usa.gov/search?utf8=✓&affiliate=secsearch&sort_by=&query=+rule+15c2-11
and this section–
https://www.sec.gov/tell-us
Then you missed todays article in barrons. The SEC is out of control readying some 47 new regulations because they are out of control power hungry regulators. Instead of crypto and memes they are going for the juggler. They can’t even define Best Interest. It’s a shame the industry has given up trying to use common sense
Hmm…. I see two of my holdings were mentioned several times in the article when I read it (Thanks ESW3 for sharing as I don’t subscribe to the WSJ), LTSA and GMLPF. Very frustrating the “professionals” can trade while us peasants can’t! If you really want to have some fun read the 80 or so comments to this article. If this rule stands as written I guess I am going to be stuck with LTSA a long time. GMLPF maybe not, as it seems to be going in and out of purgatory. We will see….
It was actually The Intelligent Investor column in Saturday’s WSJ if anyone is looking- probably released on=line Friday.
George–I see it was in 2 areas–under different titles.
ESW3 was kind enough to provide a link to the article the other day under the OTC Ruling heading that doesn’t require a subscription. Reposting here.
https://www.wsj.com/articles/an-sec-rule-was-meant-to-protect-individual-investors-chaos-ensued-11633705328?st=lsklztkfjdr3z4x&reflink=desktopwebshare_permalink
FWIW, this link was previously posted by ESW3 on Friday in the “OTC Trading and Rule 15c2-11” area along with a permalink that didn’t require a subscription:
https://innovativeincomeinvestor.com/otc-trading-and-rule-15c2-11/#comment-62256
Thanks StackingNickels
The heading was more than enough: “Professionals are still trading.” Perhaps bring it to the attention of Elizabeth Warren–seriously.
Hey, how about that? Great that the problem is getting attention! My poor AATRL is plastered, for no reason other than dumb regulations. Potential bad side is a bunch of folks coming and posting junk or stupid or outside-of-the-rules stuff, harming Tim’s wonderful community.
The heading was more than enough: “Professionals are still trading.” Perhaps bring it to the attention of Elizabeth Warren–seriously.