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According to the agency, in several instances, the firm had a fail-to-deliver position in equity securities at a registered clearing agency that was attributable to bona fide market-making activities or short sale activities, but did not close the fail-to-deliver position by purchasing or borrowing appropriate securities within the time frame prescribed by Rule 204(a)(3) of Regulation SHO.
4 million for violating Regulation SHO, FINRA's short interest reporting rule and for related supervisory failures.
See Regulation SHO and Rule 10a-l, Exchange Act Release No.
The SEC put into force Regulation SHO on January 3, 2005 (SEC, 2004), requiring short sellers to have the security in-hand, have made arrangement for delivery or have reasonable grounds to believe they can acquire the security by the delivery date.
It then discusses the impact of the market crisis beginning in 2007 on short sale regulation, the current debate over the Securities and Exchange Commission's ("SEC") revisions to Regulation SHO, and a general issue of public perception of risk and regulatory policy in complex financial markets.
Meanwhile, the SEC also levied in August its first enforcement action against two options traders and their broker/dealers for "naked" short selling, charging them with violating the locate and close-out requirements of Regulation SHO.
Regulation SHO requires exchanges to publish daily lists of firms with FTDs that exceed a pre-determined threshold.
Their violations are related to Regulation SHO concerning short-selling, the NYSE's regulatory organization said in a statement.
75 million for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities and marking of sale orders.
Naked trading strategies that result in a pattern of systemic and recurring fails flout such principle and do not comply with Regulation SHO.
5 million for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas.
WASHINGTON -- The Financial Industry Regulatory Authority (FINRA) announced today that it has fined UBS Securities LLC $12 million for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.

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