January 21, 2007
Executive Order 12866 of September 30, 1993 issued by President Clinton, and ammended by President Bush on January 18, 2007 states as follows:
"(g) "Guidance document" means an agency statement of general applicability and future effect, other than a regulatory action, that sets forth a policy on a statutory, regulatory, or technical issue or an interpretation of a statutory or regulatory issue...."
The grandfather clause (guidance document) has to follow statutory law for which it does not. The grandfather clause does not pass our common laws of counterfeiting for which naked short selling/fail to delivers are considered.
Comments were initially due by September 19, 2006 in regards to the elimination of the grandfather clause in Regulation SHO (Release No. 34-54154; File No. S7-12-06) and have since been changed to February 12, 2007. It is now time for the SEC to eliminate this grandfather clause in Regulation SHO and preserve the integrity of our financial markets. You work for the American Public, not the counterfeiters.
In my America, you do not sell something for which you do not own and get a free "get out of jail" card.
Eliminate the Grandfather Clause NOW
Thomas P. Vlasic