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GAO-10-532R 1 (2010-03-24)

handle is hein.gao/gaobadxaj0001 and id is 1 raw text is: I im T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-319430 March 24, 2010 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 (the Commission), entitled Amendments to Regulation SHO (RIN: 3235-AK35). We received the rule on March 1, 2010. It was published in the Federal Register as a final rule on March 10, 2010. 75 Fed. Reg. 11,232. The rule has a stated effective date of May 10, 2010, and a compliance date of November 10, 2010. The final rule establishes a short sale-related circuit breaker that, if triggered, would impose a restriction on the prices at which securities may be sold short (short sale price test or short sale price test restriction). Specifically, this rule requires that a trading center establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution or display of a short sale order of a covered security at a price that is less than or equal to the current national best bid if the price of that covered security decreases by 10 percent or more from the covered security's closing price as determined by the listing market for the covered security as of the end of regular trading hours on the prior day. In addition, this rule requires that the trading center establish, maintain, and enforce written policies and procedures reasonably designed to impose this short sale price test restriction for the remainder of the day and the following day when a national best bid for the covered security is calculated and disseminated on a current and continuing basis by GAO-10-532R

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