A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities.

Summary

Directs the Securities and Exchange Commission (SEC) to take specified actions to regulate short sales of securities, including: (1) reinstating regulations in effect on July 5, 2007, prohibiting short sales of securities unless the previous price movement on such securities had been upward (the uptick rule); (2) rescinding the prohibition against applying certain price tests to short sales; (3) requiring trades by short sellers to yield priority and preference to transactions effected by long sellers of securities; (4) prohibiting short sales of securities of financial institutions unless such trades are effected at a price (in minimum lots, as specified by the SEC) that is at least 5 cents higher than the immediately preceding transaction in such securities; and (5) issuing regulations that prohibit short sales unless the seller can demonstrate a legally enforceable right to deliver the securities at the required delivery date and that require all short sales to settle on the same time frame employed for long sales of the same securities.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 March 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 March 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 16 March 2009

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.