Although FRTIB said in their Fed. Register notice that the proposed effective date (for implementing the new rule allowing them to send warning letters to about 3,000 "frequent traders) was Jan. 7th, I don't believe it can actually be implemented until they post another notice in the Fed. Register, publishing the Final Rule. When they do that, I believe they need to disclose what comments they received on the proposed rule, and a response to those comments. Anidoc, is this how you understand the process to work? If so,we should be looking for another notice in the Fed. Register, with the Final Rule.
Here's the kicker, though: they clearly violated at least one of the requirements for posting notices when they made this Dec. 27 posting. The regs require that every notice must specify a comment period, and they failed to do that.
Several of us pointed that out to them, in the comments we submitted on the interim rule. Therefore, if they do not withdraw or at least amend this
notice to correct that error, any subsequent decisions they make that are based upon this Interim Rule will not hold up, if challenged.
I am almost hoping they do NOT withdraw or amend it, because if they don't, we can challenge the validity of any Final Rule on the IFT restrictions later (as being a product of a flawed process, which they knew was flawed), and we will prevail.
I'm waiting to see what their next move is............
