"SEC Regulation SHO sets out rules governing short sales, including the mandatory close-out requirement that applies to securities in which a substantial amount of fails to deliver have occurred (“threshold securities”). Clearing agency participants and broker-dealers for which they clear positions (“participants”) must take immediate action to close out a fail to deliver position in a Threshold Security that has lasted for 13 consecutive settlement days by purchasing securities of like kind and quantity (“close-out requirement”).
I read a very good article on it almost two years ago but have been unable to find it again. Basically they get a minor slap on the hand and told not to do it again. If they do, they get a minor slap on the hand and are told not to do it again, if they do, they basically get………………..
Furthermore the SEC supports some NSS information being withheld from the public as to protect the financial interest of those guilty of NSS.
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