On February 26th, the SEC published the adopting release and text of amendments to Regulation SHO. Under new Rule 201, a circuit breaker will be triggered for a covered security on any day that its price declines by 10 percent or more from the security's price on its principal listing market as of the close of regular trading on the previous day. Once the circuit breaker is triggered, all short sale orders in that security, for the remainder of that day and for the following trading day, must be priced above the security's current national best bid price. Thus, once the circuit breaker is triggered, long sellers will be able to sell their shares ahead of any short sellers. SEC Press Release. See also Schapiro Open Meeting Remarks; Walter Open Meeting Remarks (concurring); Aguilar Open Meeting Remarks (concurring); Paredes Open Meeting Remarks (dissenting); Casey Open Meeting Remarks (dissenting). Please see the Winston & Strawn Briefing on this subject.