Subject: File No. S7-08-09
From: Dawn E Piper

May 8, 2009

Removing the "Up Tick" rule and allowing stock to be sold without any requirement that the underlying stock be committed to the transaction has been very disastrous to many stocks and investors. Minimally, these requirements should be restored and non-compliance should carry extreme penalties without legal recourse. Penalty payments should be paid directly affected stock market company, not the the investors. This would aid in restoring the true stock value.

An even better solution is to completely eliminate short selling and only allow Puts and Calls for stock not being held by the brokerage house. And to SELL a stock, the underlying stock must be held by the stock broker at the time of the sale. No exceptions This would be accompanied by extreme penalties for non-compliance by brokerage houses.