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When does Regulation SHO supplant existing SRO Rules?

April 26, 2017existing regulation rules SHO sro supplant

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When does Regulation SHO supplant existing SRO Rules?

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Regulation SHO supplants any conflicting SRO short sale rule. For example, SROs that have their own rules regarding locate and delivery have filed and are filing proposed rule changes with the Commission that will suspend such rules. However, Regulation SHO does not conflict with SRO rules that have a purpose other than short sales. For example, NYSE Rule 80A is not directed at short sales, as such, but rather has a different purpose (i.e., reducing market volatility). For this reason, Regulation SHO does not supplant NYSE Rule 80A.