Short Sales

SEC spotlight on short sales

Fails-to-Deliver Data

* Memorandum from the Office of Economic Analysis regarding Impact of Recent SHO Rule Changes on Fails to Deliver (March 20, 2009)
* Memorandum from the Office of Economic Analysis regarding Impact of Recent SHO Rule Changes on Fails to Deliver (November 26, 2008)
* Amendments to Regulation SHO (Release No. 34-58775; October 14, 2008)
* "Naked" Short Selling Antifraud Rule (Release No. 34-58774; October 14, 2008)
* Amendments to Regulation SHO (Interim final temporary rule) (Release No. 34-58773; October 14, 2008)
* Comments received are available.
* Submit comments on S7-30-08
* Guidance Regarding Sale of Loaned But Recalled Securities (September 28, 2008)
* Guidance Regarding the Commission's Emergency Order Concerning Disclosure of Short Selling (September 24, 2008)
* Comments received are available.
* Submit comments on S7-24-08
* Guidance Regarding Temporary Rule 204T (September 23, 2008)
* Regulators Provide "Tips" for Broker-Dealers on Avoiding Failures to Deliver Securities (September 18, 2008)
* Guidance Regarding the Commission's Emergency Order Concerning Short Selling (July 18, 2008)
* Comments received are available.
* Submit comments on S7-20-08
* Amendment to Emergency Order Pursuant to Section 12(K)(2) of the Securities Exchange Act of 1934 Taking Temporary Action to Respond to Market Developments (Release No. 34-58190, July 18, 2008)
* SEC Enhances Investor Protections Against Naked Short Selling (Press Release No. 2008-143, July 15, 2008)
* Emergency Order Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 Taking Temporary Action to Respond to Market Developments (Release No. 34-58166, July 15, 2008)
* Impact of Recent SHO Amendment on Fails to Deliver (Memo from Office of Economic Analysis, June 9, 2008)
* Amendments to Exchange Act Rule 10a-1 and Rules 201 and 200(g) of Regulation SHO Small Business Compliance Guide
* Amendments to Exchange Act Rules 203(b)(3) and 200(e) of Regulation SHO Small Business Compliance Guide
* Fails to Deliver Statistics in Threshold Securities (Memo from Office of Economic Analysis, March 3, 2008)
* Proposed Rule 10b-21: "Naked" Short Selling Anti-Fraud Rule (Release No. 34-57511, March 17, 2008)
* Proposed Rule: Amendments to Regulation SHO (Release No. 34-56213, August 7, 2007)
* Final Rule: Amendments to Regulation SHO (Release No. 34-56212, August 7, 2007)
* Final Rule: Amendments to Regulation SHO and Rule 10a-1 (Release No. 34-55970; June 28, 2007)
* Office of Economic Analysis: Economic Analysis of the Short Sale Price Restrictions Under the Regulation SHO Pilot (February 6, 2007)
* Proposed Rule: Amendments to Regulation SHO and Rule 10a-1 (Release No. 34-54891; December 7, 2006) o Comments
* Transcript of the SEC Roundtable on the Regulation SHO Pilot (September 15, 2006)
* Draft Economic Analysis of the Short Sale Price Restrictions Under the Regulation SHO Pilot (September 14, 2006)
* Fails to Deliver Pre- and Post-Regulation SHO (August 21, 2006)
* Agenda for the SEC Roundtable on the Regulation SHO Pilot
* Proposed Rule: Amendments to Regulation SHO (July 14, 2006)
* Order Extending Term of Short Sale Pilot (April 20, 2006)
* No-action Letters
* Regulation SHO Pilot Program (March 4, 2005) UPDATED 04/19/05; 04/29/05
* Key Points About Regulation SHO (April 11, 2005)
* Division of Market Regulation: Responses to Frequently Asked Questions Concerning Regulation SHO (FAQ; December 17, 2004) UPDATED 7/6/2007
* Order Delaying Pilot Period for Suspension of the Operation of Short Sale Price Provisions (Release No. 34-50747; November 29, 2004)
* Order Suspending the Operation of Short Sale Price Provisions for Designated Securities and Time Periods (Release No. 34-50104; July 28, 2004)
* Final Rule: Short Sales (Release No. 34-50103; July 28, 2004)
* SEC Adopts Changes to Short Sale Rules, Disclosures Regarding Advisory Contract Approval and Investment Company Governance Provisions (Press Release No. 2004-87; June 23, 2004)
* Proposed Rule: Short Sales (Release No. 34-48709; October 28, 2003)
* Comments on Proposed Rule: Short Sales, File No. S7-23-03

http://www.sec.gov/spotlight/shortsales.htm SEC OEA: Economic Analysis of the Short Sale Price Restri......[pdf]
Transcript of the SEC Roundtable on the Regulation SHO Pilot [pdf]
A short look at bear raids Testing the bid test [pdf]
(How) do price tests affect short selling [pdf]
Implications of a reduction in tick size on short-sell or...... [pdf]
Its SHO time! Short-Sale Price Tests and Market Quality [pdf]
Limited arbitrage and short sales restrictions: evidence ...... [pdf]
Market bubbles and wasteful avoidance: tax and regulatory...... [pdf]
Nibbling at the Edges - Regulation of Short Selling
Short Selling on the New York Stock Exchange and the Effe...... [pdf]
Shorting restrictions, liquidity, and returns [pdf]
Short-Sale Constraints Good or Bad News for the Stock Market [pdf]
Stock price manipulation [pdf]
The uptick rule of short sale regulation
Short selling and the informational efficiency of prices
Technical Report on SEC Uptick Repeal Pilot [pdf]

I have read all of these because I thought someone should understand the subject and put out some decent information for lay people.



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