Compliance with Regulation SHO began on January 3, 2005. Regulation SHO was adopted to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938.
Regulation SHO includes rules for marking (long, short and short exempt), locate, delivery, and close-out requirements and a short sale "circuit breaker" price test.
The text of Regulation SHO (17 CFR § 242.200 - 204) can be viewed on the SEC web site, www.sec.gov. For further information on Regulation SHO, please also refer to the SEC's "Spotlight on Short Sales" webpage, located at: http://www.sec.gov/spotlight/shortsales.shtml.
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