Archived Information: Short Selling

• SEC Open Meetings and Roundtables on Short Selling
• SEC Interim Final Rules and Emergency Orders
• SEC Proposed Rulemakings
• Press Releases
• SEC Guidance (including FAQs and Tips)
• Short Sale Price Test
• Fails to Deliver Analyses

SEC Open Meetings and Roundtables on Short Selling

• Securities Lending and Short Sale Roundtable
   
  
  • Webcast Archives
  • Day 1 Transcript
  • Day 2 Transcript
  • Sunshine Act Notice
  • Panelists' Biographies and Statements
    
  • Public Comments
  • Agenda
  • SEC Announces Panelists for Securities Lending and Short Sale Roundtable (Press Release No. 2009-207; September 25, 2009)
  • SEC to Hold Securities Lending and Short Sale Roundtable (Press Release No. 2009-196; September 11, 2009)
     
    
• Roundtable to Examine Short Sale Price Test and Circuit Breaker Restrictions (May 5, 2009)
   
  
  • Webcast Archives
  • Unofficial Copy of Roundtable Transcript (PDF version)
  • Participant Statements and Public Comments
  • Panelists' Biographies
  • Agenda
  • Notice: Roundtable on Short Selling Price Test Restrictions and Short Sale Circuit Breakers (Release No. 34-59855; File No. 4-581; May 1, 2009)
  • SEC Announces Agenda and Panelists For Roundtable on Short Selling (Press Release No. 2009-101; May 1, 2009)
  • SEC to Hold Roundtable on May 5 to Examine Short Sale Price Test and Circuit Breaker Restrictions (Press Release No. 2009-88; April 24, 2009)
     
• Roundtable on the Regulation SHO Pilot (September 15, 2006)
   
  
  • Webcast Archive
  • Transcript of the SEC Roundtable on the Regulation SHO Pilot (September 15, 2006)
  • Agenda for the SEC Roundtable on the Regulation SHO Pilot
  • Commission Announces SEC Roundtable on Regulation SHO Pilot (Press Release No. 2006-94; June 13, 2006)

SEC Interim Final Rules and Emergency Orders

• Disclosure of Short Sales and Short Positions by Institutional Investment Managers (Release No. 34-58785, October 15, 2008); see also Comments
   
• Amendments to Regulation SHO (Interim final temporary rule) (Release No. 34-58773; October 14, 2008); see also Comments
   
• Amendment to Order and Order Extending 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. 34-58724, October 2, 2008); see also Comments
   
• Order Extending 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. 34-58723, October 2, 2008); see also Comments
   
• Order Extending 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. 34-58711, October 1, 2008); see also Comments
   
• 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. 34-58611, September 21, 2008); see also Comments
   
• 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. 34-58592, September 18, 2008); see also Comments
   
• 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. 34-58591a, September 21, 2008); see also Comments
   
• 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. 34-58591, September 18, 2008); see also Comments
   
• 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. 34-58572, September 17, 2008); see also Comments
   
• Order Extending 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. 34-58248, July 29, 2008);
   
• 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); see also Comments
   
• 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)

SEC Proposed Rulemakings

• Amendments to Regulation SHO (Release No. 34-60509, August 17, 2009); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-59748, April 10, 2009); see also Comments
   
• Amendment to Regulation SHO (Release No. 34-58107, July 7, 2008); see also Comments
   
• “Naked” Short Selling Anti-Fraud Rule (Release No. 34-57511, March 17, 2008); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-56213, August 7, 2007); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-55520, March 26, 2007); see also Comments
   
• Short Selling in Connection with a Public Offering (Release No. 34-54888, December 6, 2006); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-54154, July 14, 2006); see also Comments
   
• Short Sales (Release No. 34-48709, October 28, 2003); see also Comments

Press Releases

• SEC Announces Panelists for Securities Lending and Short Sale Roundtable (Press Release No. 2009-207, September 25, 2009)
   
• SEC to Hold Securities Lending and Short Sale Roundtable (Press Release No. 2009-196, September 11, 2009)
   
• SEC Announces Agenda and Panelists For Roundtable on Short Selling (Press Release No. 2009-101, May 1, 2009)
   
• SEC to Hold Roundtable on May 5 to Examine Short Sale Price Test and Circuit Breaker Restrictions (Press Release No. 2009-88, April 24, 2009)
   
• SEC Seeks Comments on Short Sale Price Test and Circuit Breaker Restrictions (Press Release No. 2009-76, April 8, 2009)
   
• Statement of Securities and Exchange Commission Concerning Short Selling and Issuer Stock Repurchases (Press Release No. 2008-235, October 1, 2008)
   
• Statement of SEC Division of Trading and Markets Regarding Technical Amendments to Short Sale Order (Press Release No. 2008-218, September 21, 2008)
   
• SEC Approves Amended Order Requiring Reporting of Short Positions by Certain Investment Managers (Press Release No. 2008-217, September 21, 2008)
   
• SEC Halts Short Selling of Financial Stocks to Protect Investors and Markets (Press Release No. 2008-211, September 19, 2008)
   
• SEC Issues New Rules to Protect Investors Against Naked Short Selling Abuses (Press Release No. 2008-204, September 17, 2008)
   
• SEC Extends Order Limiting Naked Short Selling Through August 12 (Press Release No. 2008-155, July 29, 2008)
   
• SEC Enhances Investor Protections Against Naked Short Selling (Press Release No. 2008-143, July 15, 2008)
   
• SEC Proposes Naked Short Selling Anti-Fraud Rule (Press Release No. 2008-38, March 7, 2008)
   
• SEC Votes to Adopt Final Amendments to Rule 105 of Regulation M, Short Selling in Connection with a Public Offering (Press Release No. 2007-120, June 21, 2007)
   
• Approval of Order to Extend the Termination Date of the Short Sale Pilot Order (Press Release No. 2006-60, April 21, 2006)
   
• SEC Issues Order Delaying Pilot Period for Suspension of the Operation of Short Sale Price Provisions Pursuant to Regulation SHO (Press Release No. 2004-164, November 30, 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)

SEC Guidance (including FAQs and Tips)

• Responses to Frequently Asked Questions Concerning Rule 201 of Regulation SHO (October 6, 2010)
   
• 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); see also Comments
   
• 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); see also Comments
   
• Regulation SHO — Pilot Program (March 4, 2005)
   
• Key Points About Regulation SHO (April 8, 2015)
   
• Division of Market Regulation: Responses to Frequently Asked Questions Concerning Regulation SHO (FAQ; December 17, 2004)

Short Sale Price Test

• Final Rule: Amendments to Regulation SHO (February 26, 2010); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-60509, August 17, 2009); see also Comments
   
• Amendments to Regulation SHO (Release No. 34-59748, April 10, 2009); see also Comments
   
• 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); see also Comments
   
• Draft Economic Analysis of the Short Sale Price Restrictions Under the Regulation SHO Pilot (September 14, 2006)
   
• Order Extending Term of Short Sale Pilot (April 20, 2006)
   
• 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)

Fails to Deliver Analyses

• Memorandum from the Office of Economic Analysis regarding Impact of Recent SHO Rule Changes on Fails to Deliver (April 16, 2009)
   
• Memorandum from the Office of Economic Analysis regarding Impact of Recent SHO Rule Changes on Fails to Deliver (March 20, 2009)
   
• Analysis of the July Emergency Order Requiring a Pre-Borrow on Short Sales (January 14, 2009)
   
• Memorandum from the Office of Economic Analysis regarding Impact of Recent SHO Rule Changes on Fails to Deliver (November 26, 2008)
   
• Impact of Recent SHO Amendment on Fails to Deliver (Memo from Office of Economic Analysis, June 9, 2008)
   
• Fails to Deliver Statistics in Threshold Securities (Memo from Office of Economic Analysis, March 3, 2008)
   
• Fails to Deliver Pre- and Post-Regulation SHO (August 21, 2006)

http://www.sec.gov/spotlight/shortsales/shortsales_archive.shtml