Not everyone has 30 minutes to watch the video in the quote post, but let me show some of what you'd learn from watching!
@FBI @VP @TheJusticeDept
The irony of a FINRA U3 halt notice being called "Uniform Practice Advisory" is that it's FINRA's claim that they handle similar situations the same way - "Uniform Practice".
The first image shows the 2012 U3 halt of CPMK. This example is very similar to MMTLP because there allegedly was uncertainty regarding the dividend and ex-date (settlement and clearance).
In CPMK, FINRA halted trading, resumed trading, and with their rule 11893 they nullified trades made on certain dates.
FINRA claims they needed to halt MMTLP to protect hypothetical investors that "MIGHT'VE" been able to open new positions in MMTLP after 12/8, not aware that they wouldn't be entitled to the distribution. But the messaging from brokerages indicates that investors wouldn't have been allowed to make New Buys after 12/8.
So there's that and there's the Rule 11893 that would've allowed FINRA to nullify those transactions, but FINRA instead chose to halt trading for everyone and forcing unreconciled obligations to transfer into a non-tradeable security?
Images 2 & 3 shows that FINRA knows how to work with the issuer and the exchange to modify dates during a halt, and then resume trading. Why wasn't this an option for MMTLP?
Image 4 is the MMTLP UPC Advisory notice. The issue isn't made clear like in the other examples, and instead of providing a plan to resume trading, FINRA immediately made it clear that the halt would end concurrently with the Deletion of the MMTLP Trading Symbol, which meant that the halt would be permanent because Deleting the Symbol makes it impossible to trade.
FINRA also tried to conflate Symbol Deletion Effective 12/13/22, with Share Cancellation but they conveniently left out that Share Cancellation was to occur on 12/14/22 after the close of business. FINRA introduced this incorrect 12/13/22 date as being the most important date in both MMTLP Corporate Actions and the UPC Advisory notice, but they waited until their March 2023 FAQ to acknowledge that 12/14/22 was the true date of the planned EXCHANGE and MMTLP Share Cancellation.
And when you click the provided link in the MMTLP UPC notice, it takes you to an outdated prospectus that didn't yet include the 12/14/22 date. Yet at the time of the notice there already existed an 11/18/22 version of that same prospectcus that DID include the 12/14/22 after the close of business MMTLP Share Cancellation Date, but NOTHING about a 12/13/22 Symbol Deletion Date.
Why the lack of uniformity!?