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SEC Chair Outlines Agenda; First Up: Short Sales

Date: Wednesday, April 8, 2009
Author: Accounting Web.com

In a speech before the Council of Institutional Investors yesterday, SEC Chairman Mary Schapiro outlined the SEC's near-term agenda. Dave Lynn summarizes highlights of Schapiro's speech in his post today in TheCorporateCounsel.net Blog.

First up: tomorrow's SEC open commission meeting, at which (according to the Sunshine Act notice) "The Commission will consider whether to propose short sale price test rules."

According to Rachelle Younglai of Reuters, "U.S. SEC To Consider About Four Short Sale Proposals." Citing remarks made by Schapiro to reporters following her formal remarks at the CII conference, Younglai reports:

"'We are going to put forward about four different proposals, and one of them does include the original (uptick rule),' SEC Chairwoman Mary Schapiro told reporters on the sidelines of the Council of Institutional Investors conference. 'There are different modified versions because the markets have changed a lot, even since 2007.' Schapiro said other proposals on the table include a so-called 'bid test' and a 'circuit breaker.'"