The National Association of Securities Dealers, Inc. responded to the Securities and Exchange Commission’s removal of the tick test in connection with short sales of equity securities effective as of the July 6, 2007 effective date for the removal of the tick test. Rule 5100 prohibiting short sales in over-the-counter securities at prices below the national best bid when that was below the previous national best bid was deleted. Various transaction reporting rules that required classification of a short sale as either a short sale or exempt short sale were amended to delete all references to short exempt sales.