June 26, 2023
Allowing beneficial ownership based on the ownership of a derivative makes no sense. I could essentially buy the entirety of a companys outstanding shares through worthless derivatives prior to a vote for board members, outvote everybody that bought actual shares, and then dump my worthless position. This is exactly what Wall Street will do. And if you think they wont, then you are either naive, or bought by Wall Street and should be ashamed to even be part of the group that regulates them. This rule will be another step towards destroying the American Stock Market and any integrity it has left.