Series 7: 15.3.3.2.2 Rule 203—Locate And Delivery Requirements For Short Sales

Taken from our Series 7 Top-off Online Guide

15.3.3.2.2 Rule 203—Locate and Delivery Requirements for Short Sales

Rule 203 states that before a broker-dealer can execute a short sale, it must locate the securities that will be borrowed to cover the short sale. In this context, “locate” means one of the following:

• The securities have already been borrowed or there is a bona fide agreement to borrow the securities.
• The broker-dealer has “reasonable grounds” to believe that the

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