April 25, 2008
Before this rule is adopted please demonstrate where on the trade documentation that a seller defines their "intent" as they are selling a share short. If you expect to judge the sellers INTENT is had been be recorded at the time of the sale.
Any rule based upon transaction without written "intent" is ludicrous, as are the regulators who think this is a plausible rule that can some how be enforced.
Or is it really the true regulator's intent to have a way to NEVER force a FTD to be bought out for any useful reason, and the perps. never put in jail for counterfeit securities trading.
This rule is unenforceable hog wash and will waste court time to be undone, but then again it will give the perps another 1-2 years more running time before this rule is shot down by the courts.