S. 605 · 111th Congress
A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively…
Full title
A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities.
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KaufmanSponsor6 cosponsors · 1 D, 5 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Directs the Securities and Exchange Commission (SEC) to take specified actions to regulate short sales of securities, including: (1) reinstating regulations in effect on July 5, 2007, prohibiting short sales of securities unless the previous price movement on such securities had been upward (the uptick rule); (2) rescinding the prohibition against applying…
What it does: CRS summary · Introduced in Senate · Mar 16, 2009
Directs the Securities and Exchange Commission (SEC) to take specified actions to regulate short sales of securities, including: (1) reinstating regulations in effect on July 5, 2007, prohibiting short sales of securities unless the previous price movement on such securities had been upward (the uptick rule); (2) rescinding the prohibition against applying certain price tests to short sales; (3) requiring trades by short sellers to yield priority and preference to transactions effected by long sellers of securities; (4) prohibiting short sales of securities of financial institutions unless such trades are effected at a price (in minimum lots, as specified by the SEC) that is at least 5 cents higher than the immediately preceding transaction in such securities; and (5) issuing regulations that prohibit short sales unless the seller can demonstrate a legally enforceable right to deliver the securities at the required delivery date and that require all short sales to settle on the same time frame employed for long sales of the same securities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities.
Latest action (Mar 19, 2009): Sponsor introductory remarks on measure. (CR S3636-3539)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 16, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.