Final Rule
"Naked' Short Selling Antifraud Rule
Overview
The Securities and Exchange Commission ("Commission') is adopting an antifraud rule under the Securities Exchange Act of 1934 ("Exchange Act') to address fails to deliver securities that have been associated with "naked' short selling. The rule will further evidence the liability of short sellers, including broker-dealers acting for their own accounts, who deceive specified persons about their intention or ability to deliver securities in time for settlement (including persons that deceive their broker-dealer about their locate source or ownership of shares) and that fail to deliver securities by settlement date.
Prior Actions
Proposed Rule (34-57511)
Release Number
34-57511
SEC Issue Date
March 17, 2008
Federal Register Publish Date
March 21, 2008
Document Citation
73 FR 15375
RIN
3235-AK06
Resources
Details
File Number
S7-08-08
Rule Type
Final
Release Number
34-58774
SEC Issue Date
Oct. 14, 2008
Effective Date
October 17, 2008
Federal Register Publish Date
Oct. 17, 2008
Document Citation
73 FR 61666
RIN
3235-AK06