Post by jcline on Oct 8, 2007 15:42:25 GMT -5
PROVISIONS RESPECTING SHORT SALES AND FAILED TRADES
( In public comment period now in Canada)
(45 page PDF)
Summary
This Market Integrity Notice provides notice that, on August 14, 2007, the Board of Directors of Market Regulation Services Inc. (“RS”) approved the publication for comment of proposed amendments to the Universal Market Integrity Rules (“UMIR”) respecting various aspects of short sales and failed trades (“Proposed Amendments”). In particular, the Proposed Amendments would:
• repeal all restrictions on the price at which a short sale may be made;
• eliminate the requirement to file “Short Position Reports” if adequate information on short sales executed on a marketplace becomes available;
• require that notice must be provided to a Market Regulator if, after the execution of a trade, the trade is varied (with respect to price, volume or settlement date) or cancelled;
• provide a definition of a “failed trade” and require that a report of a “failed trade” be made to a Market Regulator if the reason for the failure is not resolved within ten trading days following the original settlement date of the trade;
• provide that a Market Integrity Official may cancel a “failed trade” under certain circumstances;
• delete provisions for the “short exempt” order marker; and
• clarify certain requirements that must be met for a seller to be considered the owner of securities at the time of a sale.
docs.rs.ca/ArticleFile.asp?Instance=100&ID=0A03D0EB247846F9AC7E07E40B7FBD9D
This proposal is open for public comment in Canada...we encourage all those in Canada to participate. This proposed regulation has pro's and con's and it is up to you to let them know how you want things regulated in Canada.... based on the gross failures of the SEC in the USA.
( In public comment period now in Canada)
(45 page PDF)
Summary
This Market Integrity Notice provides notice that, on August 14, 2007, the Board of Directors of Market Regulation Services Inc. (“RS”) approved the publication for comment of proposed amendments to the Universal Market Integrity Rules (“UMIR”) respecting various aspects of short sales and failed trades (“Proposed Amendments”). In particular, the Proposed Amendments would:
• repeal all restrictions on the price at which a short sale may be made;
• eliminate the requirement to file “Short Position Reports” if adequate information on short sales executed on a marketplace becomes available;
• require that notice must be provided to a Market Regulator if, after the execution of a trade, the trade is varied (with respect to price, volume or settlement date) or cancelled;
• provide a definition of a “failed trade” and require that a report of a “failed trade” be made to a Market Regulator if the reason for the failure is not resolved within ten trading days following the original settlement date of the trade;
• provide that a Market Integrity Official may cancel a “failed trade” under certain circumstances;
• delete provisions for the “short exempt” order marker; and
• clarify certain requirements that must be met for a seller to be considered the owner of securities at the time of a sale.
docs.rs.ca/ArticleFile.asp?Instance=100&ID=0A03D0EB247846F9AC7E07E40B7FBD9D
This proposal is open for public comment in Canada...we encourage all those in Canada to participate. This proposed regulation has pro's and con's and it is up to you to let them know how you want things regulated in Canada.... based on the gross failures of the SEC in the USA.