Utah's Naked Short Selling Law on Hold

The Securities Industry Association (SIA) and Wayne Klein, the director of Utah's Division of Securities, have agreed to put on hold Utah's recently approved “failure to deliver” law

The Securities Industry Association (SIA) and Wayne Klein, the director of Utah's Division of Securities, have agreed to put on hold Utah's recently approved “failure to deliver” law — which would have required broker/dealers to disclose when they can't deliver securities promised to customers — until they can examine the merit of a lawsuit filed by the SIA to overturn the rule. The law was crafted in an effort to protect companies against so-called “naked” short selling.

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