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NIRI members support SEC’s proposed short sale reforms

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The National Investor Relations Institute, the largest association of public company investor relations professionals, says a significant majority of members responding to a recent surv

The National Investor Relations Institute, the largest association of public company investor relations professionals, says a significant majority of members responding to a recent survey support short sale reforms, including those contained in the proposed amendments to Regulation SHO by the US Securities and Exchange Commission.

NIRI conducted a member survey from 23 April to 1 May to aggregate their opinions and experiences regarding short selling. Approximately 7.5 per cent, or 295, NIRI members participated in the survey.

The survey found that 91 per cent favour a market-wide short sale uptick rule, 71 per cent favour a single-stock short sale circuit breaker, 90 per cent favour making the temporary prohibition of ‘naked’ short sales permanent and 96 per cent favour public short position reporting similar to long position reporting.

‘NIRI applauds the SEC for taking up this comprehensive examination of short-selling,’ says Jeff Morgan, president and chief executive of NIRI.

‘NIRI agrees with the Commission that short selling provides important market benefits such as liquidity and pricing efficiency, but that short selling may also be used to illegally manipulate stock prices. NIRI supports a comprehensive evaluation of market stabilizing systems and processes during times of extreme volatility such as some form of short selling uptick rule or circuit breakers. Additionally, NIRI supports equity ownership position transparency – full and frequent ownership disclosure by all institutional investors including long positions, short positions and derivative positions. We plan to include these important survey results in NIRI’s upcoming Reg SHO comment letter to the SEC.’

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