Document ID: SEC-2009-1318-0001
Agency: sec
Document Type: Notice
Title: Securities Lending and Short Sale Roundtable
Posted Date: 2009-09-16T04:00Z

[Federal Register: September 16, 2009 (Volume 74, Number 178)]
[Notices]               
[Page 47628-47629]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16se09-95]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60643; File No. 4-590]

 
Securities Lending and Short Sale Roundtable

AGENCY: Securities and Exchange Commission.

ACTION: Notice of roundtable discussion; request for comment.

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SUMMARY: The Commission will host a one and a half day roundtable to 
solicit the views of investors, issuers, financial services firms, 
self-regulatory organizations and the academic community regarding 
securities lending and short sales. The roundtable will include a 
comprehensive overview of securities lending and also analyze possible 
short sale pre-borrowing requirements and additional short sale 
disclosures.
    The roundtable discussion will be held in the auditorium of the 
Securities and Exchange Commission headquarters at 100 F Street, NE., 
in Washington, DC on September 29, 2009 from 9:30 a.m. to approximately 
4 p.m. (securities lending) and September 30, 2009 from 9:30 a.m. to 
approximately 12:30 p.m. (pre-borrowing and possible additional short 
sale disclosures). The public is invited to observe the roundtable 
discussion. Seating will be available on a first-come, first-served 
basis. The roundtable discussion also will be available via Web cast on 
the Commission's Web site at http://www.sec.gov.
    The roundtable will consist of panels focused on securities lending 
and possible short sale pre-borrowing requirements and additional short 
sale disclosures. The panelists will consider a range of securities 
lending topics, such as current lending practices and participants, 
compensation arrangements and conflicts, the benefits and risks of 
securities lending, risks related to cash collateral reinvestment, 
improvements to transparency, and consideration of whether the 
securities lending regulatory regime can be improved for the benefit of 
investors. The panelists will also consider short sale disclosure 
topics, such as whether investors would benefit from adding a short 
sale indicator to the tapes to which transactions are reported for 
exchange-listed securities, and requiring public disclosure of 
individual large short positions. In addition, the panelists will 
evaluate the potential impact of imposing a pre-borrow or enhanced 
``locate'' requirement on short sellers, potentially on a pilot basis, 
as a way to curtail abusive ``naked'' short selling.

DATES: The roundtable discussion will take place on September 29, 2009 
(securities lending) and September 30, 2009 (pre-borrowing and possible 
additional short sale disclosures). The Commission will accept comments 
regarding issues addressed in the roundtable discussion until October 
30, 2009.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 4-590 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-590. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov). Comments are also available for 
public inspection and copying in the Commission's Public Reference 
Room, 100 F Street, NE., Washington, DC 20549, on official business 
days between the hours of 10 a.m. and 3 p.m. All comments received will 
be posted without change; we do not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: The Division of Trading and Markets, 
at (202) 551-5720, Securities and Exchange Commission, 100 F Street 
NE., Washington DC 20549-7561.

    Dated: September 10, 2009.

[[Page 47629]]

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-22264 Filed 9-15-09; 8:45 am]

BILLING CODE 8010-01-P