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SEC | RIN: 3235-AF54 | Publication ID: Spring 1996 |
Title: Distributions of Securities: Limitations on Trading and Stabilizing | |
Abstract: The Commission has issued a concept release regarding a review of Rules 10b-6, 10b-7, and 10b-8. Rule 10b-6 prohibits persons engaged in a distribution of securities from bidding for or purchasing, or inducing others to purchase, such securities, any security of the same class and series as those securities, or any right to purchase any such security, until they have completed their participation in the distribution. Rule 10b-6A permits "passive market making" of securities quoted on Nasdaq by a market maker participating in a distribution. Rule 10b-7 governs stabilizing activities to facilitate distributions of securities and Rule 10b-8 governs certain activities during distributions of securities through rights. Rule 10b-21 generally prohibits persons from covering short sales with offered securities obtained from an underwriter, broker, or dealer who is participating in a distribution of such securities. This review examines both the domestic application of those rules as well as the extraterritorial effect of their application on multinational securities distributions. This review also addresses such issues as distribution and stabilization practices in the U.S. and abroad, and the impact of the rules on activities in foreign jurisdictions. | |
Agency: Securities and Exchange Commission(SEC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
CFR Citation: 17 CFR 240.10b-6 17 CFR 240.10b-7 17 CFR 240.10b-8 17 CFR 240.10b-6A 17 CFR 240.10b-21 | |
Legal Authority: 15 USC 78b 15 USC 78c 15 USC 78i(a) 15 USC 78j(b) 15 USC 78m(e) 15 USC 78o(c) |
Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Included in the Regulatory Plan: No | |
Agency Contact: Nancy J. Sanow Division of Trading and Markets Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-5621 Email: sanown@sec.gov |