12:05pm 10/22/03 SEC proposes overhaul of short sale rules By Leticia Williams WASHINGTON (CBS.MW) -- The Securities and Exchange Commission voted unanimously Wednesday to propose a temporary lift of short sale restrictions on a selection of companies and to propose uniform guidelines for short selling. The rule proposal includes a two-year pilot program that would lift short selling restrictions on about 300 companies in the Russell 1000 index. The SEC also proposed a universal method for brokers at different exchanges to identify whether a short sale can be placed in compliance with federal regulations. The rules would also require broker-dealers to find "reasonable grounds" that sellers can cover a short. The proposal is subject to a 60-day comment period. http://cbs.marketwatch.com/news/new...d=0&doctype=806&property=&value=&categories=&
they've been talking about doing this for years.....at this rate, i don't see what it would accomplish but Im nervous anytime the SEC/NASD try to put a 'new rule' into effect.....JUST leave IT ALONE...the more they tinker the more they mess it up...but the short sale rule is really antiquated given the number of market makers and stock shares available.
Humm, I wonder why they are doing this. Considering the long bias of most regulators this puzzels me. As a licenced bona fide genunine shortologist I think this is a good thing, although when I don't understand the motive it worries me somewhat.
Yeah, seems to almost make sense (these changes)! Now, that does scare me. Where's the ever-present, regulatory "GOTCHA"??
Me too. I just received my shortologist licence and now I am wondering what they are up to. Looks good on the surface, hope there is no other shoe to drop.