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SEC Acts to Curb Naked Short Sales |
October 22, 2009
Previously published on September 2009
The Securities and Exchange Commission (SEC) has recently taken several measures to curb "naked" short sales. Short selling involves any sale of a security that the seller does not own or any sale that is consummated by the delivery of a security that is borrowed by, or for the account of, the seller. A naked short sale involves the sale of a security that the seller does not own and does not borrow in time to make delivery within the standard three-day settlement period.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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