US SB605 | 2009-2010 | 111th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on March 16 2009 - 25% progression, died in chamber
Action: 2009-03-19 - Sponsor introductory remarks on measure. (CR S3636-3539)
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 16 2009 - 25% progression, died in chamber
Action: 2009-03-19 - Sponsor introductory remarks on measure. (CR S3636-3539)
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities.
Sponsors
Sen. Robert Bennett [R-UT] | Sen. Saxby Chambliss [R-GA] | Sen. Orrin Hatch [R-UT] | Sen. Johnny Isakson [R-GA] |
Sen. Edward Kaufman [D-DE] | Sen. Arlen Specter [D-PA] | Sen. Jon Tester [D-MT] |
History
Date | Chamber | Action |
---|---|---|
2009-03-19 | Sponsor introductory remarks on measure. (CR S3636-3539) | |
2009-03-16 | Referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S3121) | |
2009-03-16 | Sponsor introductory remarks on measure. (CR S3120-3121, S3121) |
Same As/Similar To
HB302 (Related) 2009-01-08 - Referred to the House Committee on Financial Services.
HB1406 (Related) 2009-03-10 - Referred to the House Committee on Financial Services.
HB1406 (Related) 2009-03-10 - Referred to the House Committee on Financial Services.
Subjects
Administrative law and regulatory procedures
Financial services and investments
Securities
Securities and Exchange Commission (SEC)
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/senate-bill/605/all-info |
Text | https://www.congress.gov/111/bills/s605/BILLS-111s605is.pdf |