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SEC

RIN: 3235-AF54

Publication ID: Fall 1996

Title: Distributions of Securities: Limitations on Trading and Stabilizing
Abstract: The Commission has issued a release proposing adoption of Regulation M under the Securities Act of 1933 and the Exchange Act of 1934 that would replace Rules 10b-6, 10b-6A, 10b-7, 10b-8, and 10b-21. Rule 10b-6 would be replaced by Rules 101 and 102 under Regulation M, which would continue to prohibit persons engaged in a distribution of securities from bidding for, purchasing, or inducing others to purchase such securities and any related securities until they have completed their participation in the distribution. Rule 10b-6A would be replaced by Rule 103 under Regulation M, which would continue to permit "passive market making" of securities quoted on Nasdaq by a market maker participating in a distribution. Rule 10b-7 would be replaced by Rule 104 under Regulation M, which would continue to govern stabilizing activities to facilitate distributions of securities, and Rule 10b-8 which governs certain activities during distributions of securities through rights would be eliminated. Rule 10b-21 would be replaced by Rule 105 under Regulation M, which would continue to prohibit persons from covering shortsales with offered securities obtained from an underwriter, broker, or dealer who is participating in the distribution of such securities.
Agency: Securities and Exchange Commission(SEC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
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:

Action	Date	FR Cite
ANPRM	04/26/1994	59 FR 21681
ANPRM Comment Period End	08/12/1994
NPRM	04/18/1996	61 FR 17108
NPRM Comment Period End	06/17/1996
Final Action	12/31/1996

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