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Tudor moved to vacate a cease and desist order entered by the Commission in September 1996 that prohibited future violations of Exchange Act Rule 10a-1 (the short sale only on "plus tick" rule). The Division of Enforcement did not oppose the motion.
Rule 10a-1 was repealed by the Commission in July 2007. Tudor argued that the cease and desist order prohibited conduct that is now legal.
The Commission granted the motion explaining only that to do so was "appropriate."