September 19, 2006
The Honorable Christopher Cox, Chairman
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re: File No. S7-12-06
Proposed Amendments to Regulation SHO
Dear Chairman Cox:
As a member of The Florida House of Representatives, I am writing to express my concerns regarding the impact that abusive naked short selling has on our capital markets, public companies, and innocent shareholders. While I commend the SEC's proposals to amend Regulation SHO by repealing the grandfather provision and narrowing the options market maker exception, I do not believe that these proposals go far enough to stop the persistent "fails to deliver" and other associated abuses. Thus, I welcome this opportunity to provide further suggestions for modifications to Regulation SHO.
The SEC must continue its efforts to protect innocent investors and public companies by minimizing the purposeful manipulation of our capital markets. The interests of abusive short-selling hedge funds must not be placed ahead of investors and employees who depend on these companies for their livelihood and retirement.
Thank you for your consideration.
Florida State Representative, District 87
33 NE 4th Ave.
Delray Beach, FL 33483