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U.S. Securities and Exchange Commission

Speech by SEC Commissioner:
Remarks at the SEC Open Meeting: Amendments to Rule 105 of Regulation M


Commissioner Roel C. Campos

U.S. Securities and Exchange Commission

Washington, D.C.
June 20, 2007

Thank you, Mr. Chairman. I would like to start out by once again thanking the staff in the Division of Market Regulation for their efforts.

I will keep my comments short, but do want to say that I believe issuers and shareholders will benefit from the modifications to Rule 105 — which are aimed at curbing non-compliance with the rule. Over the last number of years I have seen an increasing number of enforcement actions come before the Commission for Rule 105 violations. Time and again we have seen activity engineered to camouflage violations of the rule. I believe this regulatory fix is narrowly constructed to target the most egregious activity. Specifically, I believe the amendments we have before us today will put and end to the schemes to hide the prohibited covering conduct.

I am happy to support this rulemaking and have no further questions. Thank you.


Modified: 06/20/2007