Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, August 8, 2007

SEC Adopts Amendments to Reg SHO, Re-Proposes Others

The SEC has adopted amendments  to Rules 200 and 203 of  Regulation  SHO, intended to further reduce fails to deliver in certain equity  securities  by  eliminating the grandfather provision  of  Regulation  SHO.  The  amendments  also modify the close-out requirement for fails to deliver resulting  from sales of threshold securities pursuant to Rule 144 and update  the  market  decline limitation referenced  in  Regulation  SHO.   

The SEC also issued a release  re-proposing  amendments to Rule 203 of Regulation SHO, intended to further reduce fails to deliver in  certain  equity  securities  by proposing to eliminate the  options market  maker  exception  to  the close-out requirement of Regulation  SHO.  In  addition,  the  release proposes amendments to Rule 200 that  would  modify the long sale marking requirements of Regulation SHO to  require  that broker-dealers marking a sale as "long" document the present  location of the securities being sold.

http://lawprofessors.typepad.com/securities/2007/08/sec-adopts-am-1.html

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