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Gold/Mining/Energy : Esprit Exploration Ltd.
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From: no1coalking8/12/2008 5:21:49 PM
   of 2774
 
SEC plots proposal to deter short sellers - NY Post
05:49 SEC plots proposal to deter short sellers - NY Post

The NY Post reports the SEC is working to unveil a proposal next month that would permanently tighten existing rules for short selling, according to people in talks with the agency. The details of the proposal are still being bandied about, but sources said one possibility the SEC's staff is discussing is expanding the controversial rules put in place last month that require short sellers to borrow shares before they short them. Another option being debated involves imposing fines on people who fail to deliver borrowed shares within the mandatory three-day period, these people said. Last month, the SEC imposed emergency rules requiring anyone who short the stocks of 19 companies to borrow shares within a three-day window before they short them. The order, which was intended to shore up markets by preventing so-called "naked" short selling, ends at 11:59 PM tonight, and the agency has no plans to extend it. That has caused some to fret that the 19 stocks covered by the order could once again become vulnerable to rapid price declines. And while the SEC's proposal is slated to be unveiled mid-September, it could take months to finalize.


Could it be that the SEC really means it this time? We'll have to see. Nevertheless, this is likely to make a lot of shorts very nervous. Watch the action in the stocks on the threshold list (DNDN, of course is one of these) for whether this is it. If all of these stocks with "excessive fails-to-deliver" start to rise, we will know that the hedge-funds have determinded that this particular type of market fraud is no longer going to be tolerated.

ICE
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