Consistent with the Commission's previous orders, the staff has commenced studies based on one year of Pilot data. If the Pilot had terminated on April 28, 2006, market participants would need to make systems changes to comply with price tests for Pilot securities. The Commission's action avoids unnecessarily burdening market participants with the imposition of costs associated with restoring price tests for short sales in Pilot securities while allowing time for the Commission to analyze Pilot results that may be pertinent to any additional short sale rule making.
The Commission's order is available on the Commission's website at http://www.sec.gov/rules/other/2006/34-53684.pdf.