The Securities Industry Association (SIA) and Wayne Klein, the director of Utah's Division of Securities, have agreed to put on hold Utah's recently approved “failure to deliver” law — which would have required broker/dealers to disclose when they can't deliver securities promised to customers — until they can examine the merit of a lawsuit filed by the SIA to overturn the rule. The law was crafted in an effort to protect companies against so-called “naked” short selling.
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