Manuel Garcia Comment On Regulatory Notice 21-19
The rules SEC, DTCC,NSCC and all regulators institutions had been promoting should be activated and complied. The naked short sales is illegal so that is a criminal act. As criminal act must be punished with severe penalties not just with a few dollars. If a common person that works in an financial institution commit a crime by changing few numbers to hide they were doing something wrong that person goes to jail and sometimes even lose their civil rights what citadel and other hedge funds are doing is similar to the escenario that I mentioned above, but they had just received few dollars fines? They are violating laws tons of laws. Hide their crimes in dark pools, delays in reporting their short sales positions, do naked short sales. In my opinion they should be punished as common criminals because they are stealing the money from people in impunity because market regulators aren't doing their job. Take out a rule but not execute it is like if you haven't wrote ever that rule. Do your job, get the investor confidence back to the market and you won't have anymore situations like this one.