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SEC RIN: 3235-AJ57 Publication ID: Fall 2008 
Title: Amendments to Regulation SHO 
Abstract: The Commission proposed amendments to Rules 200(e)(3) and 203(b)(3) of Regulation SHO. The proposed amendments were intended to reduce the frequency that stock is not delivered after it is sold, by eliminating a grandfather provision and narrowing the options market maker exception to the close-out requirements of Regulation SHO. The proposed amendments were also intended to update the market decline limitation referenced in Rule 200(e)(3). After considering the comments received in response to the proposed amendments, the Commission adopted amendments eliminating the grandfather provision of Rule 203(b)(3) and updating the market decline limitation referenced in Rule 200(e)(3) substantially in the form proposed. The Commission re-proposed and then adopted amendments to Rule 203(b)(3) to eliminate the market maker exception to the close-out requirements. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 17 CFR 242.200   
Legal Authority: 15 USC 78b and 78c    15 USC 78i to 78l    15 USC 78o    15 USC 78q    15 USC 78q-1    15 USC 78s    15 USC 78w(a)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  07/21/2006  71 FR 41710   
NPRM Comment Period End  09/19/2006    
NPRM Comment Period Extended  03/30/2007  72 FR 15079   
NPRM Comment Period End  04/30/2007    
Final Rule  08/14/2007  72 FR 45544   
Final Rule Effective  10/15/2007    
Second NPRM  08/14/2007  72 FR 45558   
Second NPRM Comment Period End  09/13/2007    
Second NPRM Comment Period Extended  07/14/2008  73 FR 40201   
Extended Comment Period End  08/13/2008    
Final Action  10/17/2008  73 FR 61690   
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: www.sec.gov/rules/final/2008/36-58775.pdf  
RIN Data Printed in the FR: Yes 
Agency Contact:
Victoria L. Crane
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-5744
Fax:202 772-9355
Email: cranev@sec.gov