Securities and Exchange Commission August 2009 – Federal Register Recent Federal Regulation Documents

Summary of Application: Applicants request an order that would permit (a) certain open-end management investment companies and their series to issue shares (``Shares'') that can be redeemed only in large aggregations (``Creation Units''); (b) secondary market transactions in Shares to occur at negotiated prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; and (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares.

The Securities and Exchange Commission is re-opening the comment period to the ``Amendments to Regulation SHO'' it proposed in Securities Exchange Act Release No. 59748 (Apr. 10, 2009), 74 FR 18042 (Apr. 20, 2009) (the ``Proposal''). As a supplement to our request for comment on the Proposal, we are soliciting additional feedback regarding an alternative price test, on which we solicited comment in the Proposal, that would allow short selling only at a price above the current national best bid (the ``alternative uptick rule''). We are publishing this supplemental request for comment and reopening the comment period to help ensure that the public has a full opportunity to provide comments on the alternative uptick rule.