The SEC has delayed an audit reform that would protect retail investors from nefarious practices in the market to 2024.
Opponents, including SEC Commissioner Hester Peirce want to scrap the entire project.
Hester Peirce is tied to a lobbyist group of anti-regulators.
Quite a contradiction being an SEC Commissioner if you ask me.
Keep reading below to find out how delaying this audit reform is a direct violation of retail investors’ rights.
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Consolidated Audit Trail of 2016
In 2016, the SEC approved a rule to establish the Consolidated Audit Trail, which would capture data on customers and orders for exchange-listed equities and over-the-counter (OTC) securities across all U.S. markets.
The system would provide the SEC with an enormous database of information to help the agency detect and quickly react to events that disrupt the markets and could potentially harm retail investors.
Brokerages were supposed to begin collecting customer information for the CAT this month but in May, Finra delayed implementation of the CAT customer and account information system until the end of this year.
However, in an order on Friday, the SEC pushed back implementation of some SRO reporting obligations until July 2024.
“The CAT, a project designed to give the Securities and Exchange Commission and other regulators comprehensive market insight, has proved much harder and more expensive to implement than anyone anticipated,” SEC Commissioner Hester Peirce said in a statement.
“I have grave concerns about the whole project. The dollars, distraction, dissension, and drain of endless meetings over the past several years of CAT implementation are reasons enough to reconsider the entire project; the risks to liberty and security posed by the project should compel us to do so.” – Investment News
OTC trading goes unregulated until 2024
Over-the-counter trading has been a real issue in our markets.
It’s allowed financial institutions to trade retail’s orders outside the lit exchange (NYSE), making it susceptible to market manipulation.
These markets are unregulated which leads to less public information and the possibility of fraud.
Delaying this market reform means the SEC is pushing a decade of complacency since the reform’s introduction in 2016.
Something the SEC is very good at.
The question is, how long does the SEC think they can continue to delay market reforms before investors take matters into their own hands, and into the streets again.
I’d love to hear your thoughts on the matter.
Leave a comment down below.
Is the SEC pushing it a little too far now?
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Related: Is the SEC Complicit to Market Injustices?
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Compelling replies. Put the data scan together and a team of Apes that know the dark pool info and contact dateline. Market it fitstvas 401k being inilated then Market Apes policing practices
of course the SEC commissioner wants to scrap it …. it would probably reveal that the corruption includes the SEC or at the least people who have some connection with it….
It isn’t that hard to develop a scan to track and compartmentalize data. It appears the SEC
works for the hedge funds in trying to avoid exposure of naked shorting fraud (widespread fake shares in system). I worked in DOD and developed a scan that identified billions of dollars of assets
deleted out of the system, which led to corrective action. (I could probably even help develop this scan with programming/funding support and access to data – if SEC actually wanted CAT developed.)
Initially develop a large spreadsheet for 1 stock symbol, list buyer and brokerage details as well as seller and broker, price date, options data, etc. One feature that would scare hedge funds/banks is to identify how many real shares in existence, then identify how many fake shares in system and track fake share trading – and force them to close position/prosecute for theft (stealing from real stock owners by diluting value with fake shares forcing prices down)…
Once completed, then repeat with next stock symbol until all stocks covered.
I pasted comment below on yahoo finance (BA) on 13 Jul 22, but yahoo deleted it.
The public needs more media exposure of unlimited naked shorting to force
Congress/SEC/DOJ to act against organized crime. Buying puts and executing
them without actually owning the stock to “put” to someone is another example
of naked shorting (selling fake shares, which dilutes stock ownership and
manipulates prices lower).
Suggest pension funds getting ready to sue major brokerages for “renting” shares
to short sellers (per barrons.com article) develop a scan to track trading and
breakout real shares from fake shares. The SEC should have done this as need
stated back in May 2010 for CAT. It can prove fraud (does SEC failure to act since May
2010 basically indicate they are an “unindicted co-conspirator” of banks/hedge
funds theft?). If the Federal Reserve (DTCC owners) continue hiding trading data,
then suggest coordinating scan with Boeing to track the actual owners of their
stock. It is in BA shareholders interest to stop widespread fake share sales being
traded and would likely double current prices if over 50% of current shares in
system are fake and closed down/prosecuted for fraud?
Let’s start a discussion! Leave your thoughts below.
Thanks again Frank, for your impeccable coverage on current issues at hand! I 100% agree that Hester Pierce Definitely has conflicting issues! Frankly, Frank I am fu<^#!= livid that Hester directly has given a green light to go ahead steal my 401K that I worked 50 years to acquire. The sheer brazen audacity to down play his choice to not due his job, that I’m sure we pay him to do, like he doesn’t have the time!! Hell Fuc#^%< No! He ought to be fired on grounds of dereliction of duty! Their is nothing right about these decision that were so willfully slapped in our faces today. If there is a way to have Hester removed, he definitely needs to be dealt with! Truely appalling. Should be enjoying retirement instead of worrying about who is going to steal my retirement first!
Need I say more?
Gary Anderson
Compelling replies. Put the data scan together and a team of Apes that know the dark pool info and contact dateline. Market it fitstvas 401k being inilated then Market Apes policing practices