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[QUOTE]Originally posted by T e x: [QB] NSCC pre-emptive pardon [QUOTE] T e x Member posted June 13, 2005 07:15 PM -------------------------------------------------------------------------------- did Gerald Ford's pre-emptive pardon of Nixon bother anyone? This, on DTCC letterhead, is infuriating: [URL=http://www.investrend.com/articles/frame.asp?sUrl=/link_redirect.asp?Url=http://www.nscc.com/impnot/notices/notice2005/a6029.pdf]http://www.investrend.com/articles/frame.asp?sUrl=/link_redirect.asp?Url=http:// [URL=http://http://www.nscc.com/impnot/notices/notice2005/a6029.pdf[/URL]]www.nscc.com/impnot/notices/notice2005/a6029.pdf[/URL][/URL] A# P&S# 6029 5599 DATE: MAY 16, 2005 TO: ALL PARTICIPANTS ATTENTION: MANAGING PARTNER/OFFICER, CHIEF EXECUTIVE OFFICER CHIEF OPERATIONS OFFICER OPERATIONS PARTNER/OFFICER COMPLIANCE OFFICER SUBJECT: RULE FILING APPROVAL – SR-NSCC-2004-09 On December 8, 2004, National Securities Clearing Corporation ("NSCC" or “the Corporation”) filed and on May 9, 2005 the Securities and Exchange Commission ("SEC") approved rule filing SRNSCC- 2004-09, which consists of modifications to NSCC’s Rules and Procedures (the “Rules”) to memorialize the Corporation’s current standard of care and limitation of liability. The approved changes create a uniform standard limiting NSCC’s liability to direct losses caused by NSCC’s gross negligence, willful misconduct, or violation of Federal securities laws for which there is a private right of action. In addition, the changes: (a) memorialize an appropriate commercial standard of care that will protect NSCC from undue liability; (b) permit the resources of NSCC to be appropriately utilized for promoting the accurate clearance and settlement of securities; and (c) are consistent with similar rules adopted by other self-regulatory organizations and approved by the Commission. Questions regarding SR-NSCC-2004-09 should be directed to Allison Finnegan, Senior Associate Counsel, at (212) 855-3283, or to the undersigned at (212) 855-3203. Karen L. Saperstein Managing Director and General Counsel -------------------- Nashoba Holba Chepulechi Adventures in microcapitalism... -------------------------------------------------------------------------------- Posts: 15502 | From: Fort Worth | Registered: Apr 2005 | IP: Logged | [/QUOTE][URL=http://www.allstocks.com/stockmessageboard/cgi-bin/ultimatebb.cgi/ubb/get_topic/f/2/t/007928/p/99.html?]http://www.allstocks.com/stockmessageboard/cgi-bin/ultimatebb.cgi/ubb/get_topic/ f/2/t/007928/p/99.html?[/URL] [/QB][/QUOTE]
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