Apr. 20, 2022
Dear SEC: Rule SR-NSCC-2022-003 must be rejected. Fundamentally the NSCC is admitting that there are substantial Failures to Deliver, Naked Shorts and other market failures. By allowing the NSCC to become the new counterparty this rewards the potentially illegal behavior by members and allows the clock to be reset. Property rights are so fundamental to our society they were written into the constitution itself as the Fifth Amendment. The Fifth Amendment to the U.S. Constitution, passed in 1791, provides that no person shall be deprived of life, liberty or property without due process of law, nor shall private property be taken for public use without just compensation. Self-Regulatory agencies hide in the shadows between public and private and are literally enabling the public (retail) trader to be Deprived of Property Without Due Process of Law. For two decades now the cancer of Failures to Deliver, Naked Shorts, Synthetic Shorts have been eating at the fabric of our society. If you believe in Rugged Capitalism then reject these rules and allow these malfeasances to play out. If you believe in Economic Justice then you must also reject these rules as enablers for bankrupting viable companies. We have seen what happens when Economic Oligarchs bend all the rules to protect themselves, it’s playing out in Russia and the Ukraine. The SEC claims it wants to protect retail. Reject this rule. Daryll Fogal