As you may know, both the Commission and self-regulatory organizations have been focusing for some time on short sale regulation. The Commission recently adopted amendments to its rules governing short selling, now consolidated in Regulation SHO. While naked short selling is not per se illegal, Regulation SHO seeks to address the problem of manipulative or abusive naked short selling, among other things. Recently, the Commission voted to eliminate the "grandfather" clause of Regulation SHO in order to further reduce the number of fails to deliver. The amendment will be effective on October 15, 2007. For more information, please see http://www.sec.gov/news/press/2007/2007-...