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House passes securities transparency measure aimed at 'naked short' selling, 65-1
Summary
The House approved Senate Bill 3,004 to require broker-dealers to disclose certain failures to settle in 'threshold' securities and to create penalties and public disclosure rules intended to increase transparency for Utah-domiciled companies.
The Utah House passed Senate Bill 3,004 (Securities Amendments) by a vote of 65 yes to 1 no after floor debate about naked short selling and the statute's scope. Sponsor Representative Dougal described the bill as a transparency measure to protect Utah companies and shareholders from settlement failures that can depress stock prices.
Representative Dougal said the…
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