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GAO-09-236R 1 (2008-12-12)

handle is hein.gao/gaobadwvx0001 and id is 1 raw text is: I GA0 LV.W3L11 1= Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317523 December 12, 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-AK22). We received the rule on October 16, 2008. It was published in the Federal Register as an interim final temporary rule; request for comments on October 17, 2008. 73 Fed. Reg. 61,706. The interim final temporary rule addresses abusive naked short selling in all equity securities by requiring that participants of a clearing agency registered with the Commission deliver securities by settlement date, or if the participants have not delivered shares by settlement date, immediately purchase or borrow securities to close out the fail to deliver position by no later than the beginning of regular trading hours on the settlement day following the day the participant incurred the fail to deliver position. A participant that does not comply with the close-out requirement, and any broker-dealer from which it receives trade for clearance and settlement, will not be able to short sell the security either for itself or for the account of another, unless it has previously arranged to borrow or borrowed the security until the fail to deliver position is closed out. The interim final temporary rule adopts, with some modifications, Rule 204T which was issued as an emergency order under section 12(k) of the Securities Exchange Act of 1934 on September 17, 2008. 73 Fed. Reg. 54,875. GAO-09-236R

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