Short Sale Rule Changes!!!

Discussion in 'Professional Trading' started by whoknows?, Dec 29, 2006.

  1. I reseived this e-mail from a lawwer friend on December 5 and I never looked at it until now. How come no one is talking about this? This is HUGE!!!


    SEC Proposes to Eliminate Price Restrictions on Short Sales
    December 2006

    On December 4, 2006, the SEC voted to propose eliminating the “tick test” of its Rule 10a-1 under the Securities Exchange Act of 1934 (“Exchange Act”) as well as any comparable SRO rules restricting the price of short sales, such as the “bid test” of NASD Rule 5100 and NASDAQ Rule 3350. If approved, in addition to easing the restrictions on all short sellers, it will also eliminate a significant regulatory burden on the brokerage industry.

    For more information, please open the attached file or you can visit: to view the attached alert.

    <<SEC SHO Update Bingham McCutchen.pdf>>

    Circular 230 Disclosure: Internal Revenue Service regulations provide that, for the purpose of avoiding certain penalties under the Internal Revenue Code, taxpayers may rely only on opinions of counsel that meet specific requirements set forth in the regulations, including a requirement that such opinions contain extensive factual and legal discussion and analysis. Any tax advice that may be contained herein does not constitute an opinion that meets the requirements of the regulations. Any such tax advice therefore cannot be used, and was not intended or written to be used, for the purpose of avoiding any federal tax penalties that the Internal Revenue Service may attempt to impose.

    ©2006 Bingham McCutchen LLP
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  2. Top notch firm there... thanks for the link!
  3. No problem.

    Whoops. Two spelling errors in the same sentence. Guess I was excited. Actually, I "received" it from a "lawyer" friend.
  4. zdreg


  5. Oh well. It was "news" to me since I just found the e-mail while deleting all the CRAP I freakin get every day. Oh that reminds me:
    Some hot brazilian chick in my area really wants to meet me.
    Some $0.21stock is going to shoot up to $4 like the last one they just sent me did. They don't want me to miss this one this time.
    I also can get a $500 payday advance deposited in my account tomorrow.
    And I can enlarge my peins now with a great new yellow pill.

    Anyway, sorry for the redundancy.