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GAO-09-138R 1 (2008-10-31)

handle is hein.gao/gaobadwvi0001 and id is 1 raw text is: I GA 0 T M WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317338 October 31, 2008 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Amendments to Regulation SHO Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Amendments to Regulation SHO (RIN: 3235-AJ57). We received the rule on October 16, 2008. It was published in the Federal Register as a final rule on October 17, 2008. 73 Fed. Reg. 61,690. The final rule makes amendments to Regulation SHO under the Securities Exchange Act of 1934. The final rule eliminates the options market maker exception to the close-out requirement of Regulation SHO. The final rule became effective on October 17, 2008. The Commission found good cause for the rule to become immediately effective notwithstanding the requirement of the Congressional Review Act that major rules not become effective until 60 days after publication or receipt by Congress. 5 U.S.C. § 808(2). Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the Commission complied with the applicable requirements. GAO-09-138R

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