CIBC Brokerage says there is a 7.7 REGULATION RESTRICTION on GCU stock trading(preventing Pro-Traders from trading GCU stock). The last few days
whenever I put a buy or sell order in on my GCU Position (I trade with CIBC on line) my order would
go into "Pending status" for 30 seconds or so for a manual review, before becoming an open order.
GCU was the only stock in my account this was happening on. So I phoned CIBC this morning for
an answer to why this was happening. After I refused to accept their standard answer that it may
be to check the status of funds in my account to complete the order,etc. They finally came up with
this answer(after a 3 minute wait)......That GCU (Gold Canyon Resources) and TMC-T(Timber Creek
Mortgage Investment) ..were the only two stocks under this regulation 7.7 watch(no Pro Trading
allowed)....in simplicity terms this is what I was told...the Trader at CIBC assumed this would
apply to all brokerage houses(Not Just CIBC). I had suggested to her that maybe it was because
CIBC was involved with GCU's Private Placement. But she still thought that this 7.7 regulation would apply to all brokerage houses.
Does anyone have any comments regarding this.."regulation 7.7"( have you experienced any
pending orders on your GCU trades lately..Thanks Goldblack