Amendments to Regulation SHO

The Securities and Exchange Commission ("Commission') is adopting amendments to Regulation SHO under the Securities Exchange Act of 1934 ("Exchange Act'). The amendments are intended to further reduce the number of persistent fails to deliver in certain equity securities by eliminating the grandfather provision of Regulation SHO. In addition, we are amending the close-out requirement of Regulation SHO for certain securities that a seller is "deemed to own.' The amendments also update the market decline limitation referenced in Regulation SHO.