Post by jcline on Sept 8, 2007 14:06:46 GMT -5
Back in 2000-------
The National Association of Securities Dealers, Inc. (NASD®) is
enhancing its Extension Request Reason Codes regarding Securities and Exchange Commission (SEC) Rule 15c3-3
(Customer PROTECTION) cough cough whezzzzzzzzzzzzze
Ok... now when I was growing up....... I had a LOT of excuses made up so when I got caught not doing what I was supposed to do..... I had one of those nifty lil things ready and waitin to go. I bet all of you did too...especially when you got caught and had a few hours to make sure you got your story right... right? Oh the memories!
Well our dear little MM/Broker/Dealer friends (saying that with tongue in cheek) with the help of NASD do too... and here they are. They are all those special little "codes" we all know and love so well, and right from the annuls of BSurocracy
040 Security in Transit - that means somebody else did it.
041 Death of Seller - this one always works when emotions are high
042 Can't Buy In Sec Short Supply -When did the SEC hold securities?
043 Dividend Sold before Payable Date - Isn't that illegal?
044 Still In Foriegn Deposit - Is that like a French holding tank?
045 Sec Exchange or Merger - We all know about those "exchanges"
046 Strike or Christmas - Yep they go hand in hand gezzzzzz
047 Coming from Another Broker - Broker Shuffle ya mean?
048 Customer Ill or Hospitalized - From what do tell?
049 Lost Certificate - Boy ..that's a familiar one!
052 Foreign Settlement - Ya..on the other side of the pond.. lost!
070 Security In Transfer - for months.... and years!
071 Security In the Mail - or LOST in the Mail.. ya right!
072 Buy-in Issued - WHERE? SHO me where there is a buy-in?
073 Unable to Buy In - well duhhhhhhhhhhhh!
074 Security at Foreign Depository - ummmmm who cares.. send IT!
075 Merger, Exchange or Reorg. - Ya already used that one dufas!
076 Mutual Fund - What kinda excuse is that?
??
077 SRO Halted Trading OR Buy-in Privilege - Privilege? HUH?
078 Lost Certificate - Yeah... we heard that one before!
080 OTHER - OTHER? is this the catch all?
www.finra.org/web/groups/rules_regs/documents/notice_to_members/p004015.pdf
"Background
Paragraph (m) of the Rule requires that if a security sold long by a customer has not been delivered within 10 business days after the settlement date, the broker/dealer must either buy the customer in or
apply for and receive an extension from its designated examining
authority."
Suck it up Short-stuff...your excuses have run out!
The National Association of Securities Dealers, Inc. (NASD®) is
enhancing its Extension Request Reason Codes regarding Securities and Exchange Commission (SEC) Rule 15c3-3
(Customer PROTECTION) cough cough whezzzzzzzzzzzzze
Ok... now when I was growing up....... I had a LOT of excuses made up so when I got caught not doing what I was supposed to do..... I had one of those nifty lil things ready and waitin to go. I bet all of you did too...especially when you got caught and had a few hours to make sure you got your story right... right? Oh the memories!
Well our dear little MM/Broker/Dealer friends (saying that with tongue in cheek) with the help of NASD do too... and here they are. They are all those special little "codes" we all know and love so well, and right from the annuls of BSurocracy
040 Security in Transit - that means somebody else did it.
041 Death of Seller - this one always works when emotions are high
042 Can't Buy In Sec Short Supply -When did the SEC hold securities?
043 Dividend Sold before Payable Date - Isn't that illegal?
044 Still In Foriegn Deposit - Is that like a French holding tank?
045 Sec Exchange or Merger - We all know about those "exchanges"
046 Strike or Christmas - Yep they go hand in hand gezzzzzz
047 Coming from Another Broker - Broker Shuffle ya mean?
048 Customer Ill or Hospitalized - From what do tell?
049 Lost Certificate - Boy ..that's a familiar one!
052 Foreign Settlement - Ya..on the other side of the pond.. lost!
070 Security In Transfer - for months.... and years!
071 Security In the Mail - or LOST in the Mail.. ya right!
072 Buy-in Issued - WHERE? SHO me where there is a buy-in?
073 Unable to Buy In - well duhhhhhhhhhhhh!
074 Security at Foreign Depository - ummmmm who cares.. send IT!
075 Merger, Exchange or Reorg. - Ya already used that one dufas!
076 Mutual Fund - What kinda excuse is that?
?? 077 SRO Halted Trading OR Buy-in Privilege - Privilege?
HUH? 078 Lost Certificate - Yeah... we heard that one before!
080 OTHER - OTHER? is this the catch all?
www.finra.org/web/groups/rules_regs/documents/notice_to_members/p004015.pdf
"Background
Paragraph (m) of the Rule requires that if a security sold long by a customer has not been delivered within 10 business days after the settlement date, the broker/dealer must either buy the customer in or
apply for and receive an extension from its designated examining
authority."
Suck it up Short-stuff...your excuses have run out!