Statement By SIFMA General Counsel Ira Hammerman On SEC Short Sale Rule Adoption

The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from Ira Hammerman, senior managing director and general counsel at SIFMA, in response to the Securities and Exchange Commission adopting a new short sell price test.

“We appreciate the SEC taking a thoughtful approach to policies they feel will ensure the continued well-being of U.S. capital markets, and also the past short sale actions the Commission has taken – including Rule 10b-21 and Rule 204 that have dramatically reduced the number of fails in the capital markets. While the alternative uptick rule approach the SEC has adopted today is perhaps less disruptive than others that were considered, we are not convinced that implementation of this rule will provide net benefits to the capital markets and investors. We will continue to work with the Commission through the implementation process for this rule, and on other regulatory efforts to ensure appropriate protections for investors with minimal impact on the efficient operations of the capital markets."