The Securities and Exchange Commission proposed a...

The Securities and Exchange Commission proposed a rule to curb “street sweeps,” controversial stock market maneuvers in which huge blocks of shares are bought to gain control of a company without a formal tender offer. In a 4-1 vote, the five commissioners decided to seek public comment on a proposal to prevent anyone except a formally announced bidder from amassing 10% or more of a company’s stock in the open market during and immediately following the period that the company is the target of a tender offer.