Open Meeting Agenda
Wednesday, July 12, 2006, 10:00 a.m.

Agenda as of July 11, 2006. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: Commission Guidance Regarding Client Commission Practices Under Section 28(e) of the Securities Exchange Act of 1934

The Commission will consider whether to issue an interpretive release regarding client commission practices under Section 28(e) of the Securities Exchange Act of 1934. The interpretive release is designed to provide guidance to securities industry participants on money managers' use of client commission dollars to pay for "brokerage and research services" under Section 28(e). The interpretive release is subsequent to the Commission's issuance of proposed guidance and solicitation of public comment in Release No. 34-52635 (October 19, 2005), File No. S7-09-05.

For further information, please contact Jo Anne Swindler, Assistant Director, at (202) 551-5750; Patrick M. Joyce, Special Counsel, at (202) 551-5758; Stanley C. Macel, IV, Special Counsel, at (202) 551-5755; or Marlon Quintanilla Paz, Special Counsel, at (202) 551-5756, at the Office of Enforcement Liaison and Institutional Trading, Division of Market Regulation.

Item 2: Amendments to Regulation SHO (Short Sales)

The Commission will consider whether to propose amendments to Rule 203 of Regulation SHO under the Securities Exchange Act of 1934 to reduce the frequency that stock is not delivered after it is sold. The Commission also will consider whether to propose amendments to update the market decline limitation referenced in Rule 200(e)(3) of Regulation SHO.

For further information, please contact James Brigagliano, Acting Associate Director, Josephine Tao, Branch Chief, Joan Collopy, Special Counsel, Lillian Hagen, Special Counsel, Elizabeth Sandoe, Special Counsel, or Victoria Crane, Special Counsel, Division of Market Regulation (202) 551-5720.