Buy Penny Stocks Details
In the United States, regulators have defined a penny stock as a
security that must meet a number of specific standards. The criteria
include price, market capitalization, and minimum shareholder equity. Securities traded on a national stock exchange, regardless of price, are exempt from regulatory designation as a penny stock since it is thought that exchange traded securities are less vulnerable to manipulation.Therefore, CitiGroup (NYSE:C) and other NYSE
listed securities which traded below $1.00 during the market downturn
of 2008-2009, while properly regarded as "low priced" securities, were
not technically "penny stocks". Although penny stock trading in the
United States is now primarily controlled through rules
and regulations enforced by the Securities and Exchange Commission and
FINRA, the genesis of this control is found in State securities law. The
State of Georgia was the first state to codify a comprehensive penny stock securities law. Secretary of State Max Cleland, whose office enforced State securities law] was a principal proponent of the legislation. Representative Chesley V. Morton, the only stockbroker in the Georgia General Assembly at the time, was principal sponsor of the bill in the House of Representatives
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