The SEC does reinforce the rule. To say they are protecing the MMs is like saying the police are protecting the thieves.
SEC Charges Options Trader for Illegal Short Selling Tactics
“Bell avoided the cost of borrowing shares while engaging in complex short selling transactions, thus earning significant profits with minimal risk and gaining an advantage over legitimate participants in the market,” said George S. Canellos, Director of the SEC’s New York Regional Office. “We’ll continue aggressively to pursue and punish abusive short sellers who attempt to circumvent regulatory requirements to make more money.”
https://www.sec.gov/news/press/2011/2011-264.htm
SEC Charges Options Trader for Illegal Short Selling Tactics
“Bell avoided the cost of borrowing shares while engaging in complex short selling transactions, thus earning significant profits with minimal risk and gaining an advantage over legitimate participants in the market,” said George S. Canellos, Director of the SEC’s New York Regional Office. “We’ll continue aggressively to pursue and punish abusive short sellers who attempt to circumvent regulatory requirements to make more money.”
https://www.sec.gov/news/press/2011/2011-264.htm
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