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GAO-11-212R 1 (2010-11-23)

handle is hein.gao/gaobadxde0001 and id is 1 raw text is: I GA0 LV.W3L11 1= Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-321165 November 23, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: 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 Regulation SHO (RIN: 3235-AK35). We received the rule on November 8, 2010. It was published in the Federal Register as a final rule; extension of compliance date on November 9, 2010. 75 Fed. Reg. 68,702. The final rule extends for a limited period of time the compliance date for the amendments to Rule 201 and Rule 200(g) of Regulation SHO from November 10, 2010, to February 28, 2011. The Commission states that it is extending the compliance date to give certain exchanges additional time to modify their current procedures for conducting single-priced opening, reopening, and closing transactions for covered securities that have triggered Rule 201's circuit breaker in a manner that is consistent with the goals and requirements of Rule 201. Further, the extended compliance period will give industry participants additional time for programming and testing for compliance within the requirements of the rule. The Congressional Review Act requires major rules to have a 60-day delay in their effective date following their publication in the Federal Register or receipt by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). However, notwithstanding the 60-day delay requirement, any rule that an agency for good cause finds that notice and public procedures are impractical, unnecessary, or contrary to the public GAO-11-212R

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