July 18, 2006
I urge you to not only consider the proposed changes but to add a penalty provision for those who choose to ignore the rules or get around them.
The rules that have been in place since 1934 re the requirement to 'cover positions in a timely fashion' would have been sufficient to corral the FTD scandal we currently face, had they been enforced.
Quite simply : 1) require the SEC to enforce T+3, 2) add a penalty provision and 3) remember themandate of the SEC which is to protect the investor, not therich and influential prime brokers and their hedgefund clients.
PS - I have been bilked by the FTD scandal by having $3m on my wealth transfered to the mega-wealthy criminals.