April 30, 2007
I have read all the comment letters on File No. S7-12-06 Amendments to Regulation SHO. I hope that you, too, have read these comments. There are a number of very good ones from Individuals, Companies and Groups offering to help you to resolve this issue and other issues concerning market reform. I hope that you will avail yourselves of their offers. However, I also hope that you will not use these added suggestions as a means to further delay ruling on File No. S7-12-06.
After addressing the SHO problem, then you can consider the many other issues that are wrong with the market.
Please review all rules implemented by your agency to make sure that they, in fact, follow the rules and regulations Congress set for the SEC in the Security Acts of 1933 and 1934. It is obvious that Reg SHO does not.
Finally, I encourage you in all your decisions to attempt to treat all market participants equally, but remember that if you err in this treatment that it must be in the favor of the small retail investor, for without them and their money there would be no market.