Naked Short Positions Still Under SEC Scrutiny
Peter Chapman
Should market makers be able to maintain uncovered short sale positions in certain so-called threshold securities indefinitely? ...
tradersmagazine.com
...the SEC still appears inclined to eliminate the grandfather clause. Chairman Christopher Cox, testifying before a congressional committee on the SEC's fiscal year 2008 budget, told the representatives that naked short selling is a significant concern for the regulator.
Reg SHO "has been inadequate to shut down the problem," Cox said. "We are in the process right now of tightening up our rules on that."
The SEC has received hundreds of letters from angry Americans decrying naked short selling. The SEC told Traders Magazine it will make a final decision in "late spring." ...
Comments on Proposed Rule:
Amendments to Regulation SHO
sec.gov
there are some very interesting comments, for example notice from:
Aug. 9, 2006 Rep. Rick Renzi, U.S. House of Representatives
sec.gov
Sep. 13, 2006 Wayne Klein, Director, Division of Securities, State of Utah Department of Commerce
sec.gov
Sep. 13, 2006 Congressman Virgil H. Goode, Jr., U.S. House of Representatives
sec.gov
Sep. 14, 2006 Robert J. Shapiro, Chairman, Sonecon, LLC and former Under Secretary of Commerce, Washington, District of Columbia
sec.gov
Sep. 14, 2006 John L. Valentine, President, Utah State Senate, and Greg J. Curtis, Speaker of the House, Utah State House of Representatives
sec.gov
Sep. 18, 2006 Mark L Shurtleff, Attorney General for the State of Utah, Salt Lake City, Utah
sec.gov
Sep. 18, 2006 Louis K. Keith, U. S. Postal Inspector (Retired), Atlantic Beach, Florida
sec.gov
Sep. 18, 2006 Jim Ryun, U.S. House of Representatives
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Sep. 18, 2006 John Loudon, Missouri State Senator
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Sep. 19, 2006 Adam Hasner, Florida State Representative, District 87, Delray Beach, Florida
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Sep. 19, 2006 Richard Blumenthal, Attorney General, State of Connecticut
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Sep. 19, 2006 Sue Kelly, Member of Congress, U.S. House of Representatives
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Sep. 19, 2006 Jim Matheson, Member of Congress, U.S. House of Representatives
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Sep. 19, 2006 Rob Bishop and Chris Cannon, U.S. House of Representatives and Orrin Hatch, U.S. Senate, for the State of Utah
sec.gov
Sep. 19, 2006 Joseph P. Stengel Jr., Colorado State Representative
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Sep. 25, 2006 Congressman Tom Feeney, U.S. House of Representatives
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Sep. 27, 2006 Keith F. Higgins, Chair, Committee on Federal Regulation of Securities, American Bar Association
sec.gov
Oct. 4, 2006 Joseph P. Borg, Esq., NASAA President and Director, Alabama Securities Commission, Washington, D.C.
sec.gov
Mar. 12, 2007 Helen Moore, Counsel, Market Regulation Department, National Association of Securities Dealers, Inc.
sec.gov
Mar. 12, 2007 Memorandum from the Division of Market Regulation regarding a February 1, 2007 discussion with representatives of the National Association of Securities Dealers, Inc.
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Apr. 16, 2007 James O. Carnes, Retired NYSE Corporate Executive, Shenandoah, Texas
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Apr. 26, 2007 Christopher S. Murphy, United States Congressman
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