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ARTICLE · 11 JULY 2007

SEC Eliminates Short Sale Price Tests

Goodwin Procter LLP
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As discussed in the July 3, 2007 Alert, effective on June 28, 2007, the SEC eliminated the short sale price restrictions ("tick tests") of Rule 10a-1 under the Securities Exchange Act of 1934, as amended. The SEC also amended related rules to prohibit self-regulatory organizations ("SROs") from maintaining price tests and eliminate order marking requirements that applied to transactions relying on exceptions from the tick tests.

United StatesFinance and Banking

Contents:

Developments of Note

  1. Federal Regulators Issue Final Statement on Subprime Mortgage Lending

  2. Director of SEC.s Division of Investment Management Speaks at NAVA Compliance and Regulatory Affairs Conference

  3. SEC Eliminates Short Sale Price Tests

  4. SEC Staff Provides Guidance on the Application of FIN 48 to Registered Funds

  5. Basel Committee Chairman Discusses Basel II Pillars

  6. FDIC Announces that Insured Financial Institutions Will be able to Exchange Examination Information with State Regulators Through FDICconnect

Other Item of Note

  1. SEC to Consider Adopting Advisers Act Anti-Fraud Rule Designed to Protect Investors in Pooled Vehicles

Developments of Note

Federal Regulators Issue Final Statement on Subprime Mortgage Lending

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