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` 1931:
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`NYSE required marking short sales, no short sales on downticks
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`16 other U.S. exchanges followed by 1935.
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` 1938:
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`SEC adopts 10a-1 – strict uptick rule (binding at 1/8th tick size).
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` 1939:
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`SEC again allows shorting on zero-down ticks.
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` 1963:
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`Special SEC study of short selling.
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` 1976:
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`SEC rule proposal to suspend tick test, withdrawn 1980.
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` 1991:
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`House Report recommends tick test for Nasdaq.
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` 1994:
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`NASD Rule 3350 requires bid test for shorts.
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` 1999:
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`SEC concept release about potential repeal of 10a-1.
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` 2003:
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`Reg SHO proposed, adapted 2004, leads to 2-year experiment
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`that removes tick test for some stocks.
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` July 2007: Tick test repealed, new locate requirements.
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` Sep 2008: Ban on naked shorting, shorting ban for “financials.”
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` Feb 2010: Alternative uptick rule on stocks with 10% drop in price in a day
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`Coalition for Affordable Drugs IV LLC - Exhibit 1033