Thoughts and Observations of a Minister

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Wednesday, October 15, 2008

Now Enforce It.

RIN 3235-AK06"Naked" Short Selling Antifraud RuleAGENCY: Securities and Exchange Commission.ACTION: Final rule.
SUMMARY: The Securities and Exchange Commission ("Commission") is adopting an antifraud rule under the Securities Exchange Act of 1934 ("Exchange Act") to address fails to deliver securities that have been associated with "naked" short selling.
The rule will further evidence the liability of short sellers, including broker-dealers acting for their own accounts, who deceive specified persons about their intention or ability to deliver securities in time for settlement (including persons that deceive their broker-dealer about their locate source or ownership of shares) and that fail to deliver securities by settlement date.DATES: Effective Date: October 17, 2008.

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