`
` 1931:
`
`NYSE required marking short sales, no short sales on downticks
`
`
`
`
`
`16 other U.S. exchanges followed by 1935.
`
` 1938:
`
`SEC adopts 10a-1 – strict uptick rule (binding at 1/8th tick size).
`
` 1939:
`
`SEC again allows shorting on zero-down ticks.
`
` 1963:
`
`Special SEC study of short selling.
`
` 1976:
`
`SEC rule proposal to suspend tick test, withdrawn 1980.
`
` 1991:
`
`House Report recommends tick test for Nasdaq.
`
` 1994:
`
`NASD Rule 3350 requires bid test for shorts.
`
` 1999:
`
`SEC concept release about potential repeal of 10a-1.
`
` 2003:
`
`Reg SHO proposed, adapted 2004, leads to 2-year experiment
`
`
`
`
`
`that removes tick test for some stocks.
`
` July 2007: Tick test repealed, new locate requirements.
`
` Sep 2008: Ban on naked shorting, shorting ban for “financials.”
`
` Feb 2010: Alternative uptick rule on stocks with 10% drop in price in a day
`
`CFAD VI 1060 - 0001
`CFAD VI v. CELGENE
`IPR2015-01103
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