Subject: File No. 4-500
From: Angelo Napolitano
June 6, 2005
Mr. Jonathan G. Katz, Secretary
Securities Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Pink Sheets’ Request for Rulemaking Regarding Member Records of “Short” Positions and Reporting and Public Dissemination.
Dear Mr. Katz:
Please let this letter serve as support for Pink Sheets petition to cause the amendment of NASD Rule 3360 and require NASD broker dealers to maintain a record of total “short’ positions in all customer proprietary firm accounts in all publicly traded equity securities as well as report this information to the NASD for public dissemination of the short position by security.
As a small company we feel the market is tarnished my the threat of manipulation. The lack of transparency regarding short selling in the OTC market allows fraudulent acts to go undiscovered and manipulative short sellers to hide. I believe the rule should be amended so we can prevent fraudulent acts, expose market manipulation, promote fair principles of trade ad protect investors.
Thanking you in advance for your attention to this matter. Please feel free to contact me at the address listed above if you would like to discuss my support.
Angelo Napolitano, President
Cc: Barbara Z. Sweeny, Senior V.P.; NASD