From: Peter Temple [templepeter@sympatico.ca]
Sent: Monday, November 10, 2003 10:11 PM
To: rule-comments@sec.gov
Subject: S7-23-03:

Re File No. S7-23-03

Dear Sir; 
 
I am writing to reiterate that I'm not sure the new regulations SHO, with 
regard to the rampant naked short selling going on in the OTCBB & pink sheets, 
are going to be strong enough to prevent the abuses that have occurred in the 
past & are still occurring to this day. Further to the abuses I would like to 
know how past wrongs will be rectified to the satisfaction of the thousands of 
investors in the US, Canada, & abroad. This in spite of thousands of complaints 
issued to the SEC over the last 3 years in particular. These complaints have 
never been addressed in a complete way, other than the standard reply of 'We're 
looking into it'! I thank you for finally starting to recognize that this is a 
serious problem & something is being done about it. There is a lot at stake 
here I know.
 
I am invested in a pink sheet stock called PCBM. This is but 1 of many stocks 
on the OTCBB & pink sheets, that have been targeted by these manipulators These 
fraud artists should not be able to short a stock unless there is bona fide 
certificates to borrow against. This is the crux of the matter. I want to make 
it clear that its naked short selling that needs iron clad regulation. Short 
selling is fine as long as correct protocol is followed. 
 
Why should companies like USXP have to sue to get satisfaction & hearing with 
regard to these abuses.You, at the SEC have let the DTC run their operation 
with few checks & balances to prevent this from happening. Why? For some reason 
these exchanges have been looked down on as being inferior places to invest, & 
or been ignored for too long. Meanwhile the small investor, who is the backbone 
of our free market system, has been systematically been taken by these vermin. 
This has undermined confidence, & in light of revelations in the mutual fund 
industry as well as numerous other charges on the big board stocks. The small 
investor will disappear, to the detriment of the markets & the free word 
economies as well, if the playing field is not perceived to be level. 
 
It is  possible that we need an independent auditor to make sure the DTC is 
handling their affairs properly? The bottom line is that we need something 
with more teeth in it to prevent further abuses. We also need to have the 
complaints on each individual stock , answered & rectified. If a paper call 
is required, then lets get on with it so the general public can regain 
confidence. Now I know that in some cases the companies on these exchanges 
were & are weak, but lets give them a chance based on there own merit. I'm 
trusting that the initiatives taken by Elliot Spitzer will funnel down to the 
OTCBB & pink sheets, and that investor confidence MUST BE RESTORED!
 
Yours Truly
Pete Temple