TAX NEWS - JUNE 2010

SEC Statement on Status of Stock-by-Stock Circuit Breaker Rule Proposals

Washington, D.C., June 4, 2010 — Securities and Exchange Commission spokesman John Nester today issued the following statement:

"Two weeks ago, in response to the market disruption of May 6, the SEC sought public comment on proposed rules that would require the national securities exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules were proposed by the national securities exchanges and FINRA.

"The SEC staff is now reviewing and analyzing the comments that were received over the course of a public comment period that ended yesterday.

"The staff expects to present the proposals to the Commission next week. If approved, the staff anticipates full implementation within a week thereafter."