Rule 203 – Locate and Delivery Requirements. Rule 203 incorporates Rule 10a-2 and existing SRO rules into a uniform Commission rule. It requires broker-dealers, prior to effecting short sales in all equity securities, to locate securities available for borrowing in order to be able to deliver securities on the settlement date of the transaction. It also imposes additional requirements on broker-dealers for securities in which a substantial amount of failures to deliver have occurred.
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