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Because we believe the likelihood of harm through the use of penalty bids is significant , we propose that Rule 104 be amended to prohibit the use of such bids . This statement must be signed by a responsible corporate officer ( or duly authorized Power of Attorney ) under penalty of perjury . " If the declaration is sworn within the United States , its territories , possessions , or commonwealths , the sworn statement must include the following language : " I declare ( or certify , verify , or state ) under penalty of perjury that the foregoing is true and correct . If the declaration is sworn outside the United States , the sworn statement must include the following language : " I declare ( or certify , verify , or state ) under penalty of perjury under the laws of the United States of America that the foregoing is true and correct . Just as is done with educational leaves , the act must provide a reasonable window during which time teachers can purchase pensionable service without penalty after they return from their maternity leave . To enhance the transparency of syndicate covering transactions , we are proposing to amend paragraph ( h ) ( 2 ) of Rule 104 to require identification or designation of syndicate covering bids , analagous to the identification of stabilizing bids.59 Specifically , the proposal would require a managing underwriter or other person communicating a bid that is for the purpose of effecting a syndicate covering transaction to identify or designate the bid as such wherever it is communicated.60 The proposal also would prohibit the use of penalty bids , as discussed below . We propose to amend Rule 104 of Regulation M to require any person communicating a bid that is for the purpose of effecting a syndicate covering transaction ( “ syndicate covering bids ” ) to identify or designate the bid as such wherever it is communicated and to prohibit the use of penalty bids.52 “ Congress granted the Commission broad rulemaking authority to combat manipulative abuses in whatever form they might take . It is unknown whether penalties on those classes would increase or decrease the average award . A total of $ 738,192 penalties were collected for the civil citations in restaurants , and $ 680,012 in penalties for citations issued in the garment industry . We understand that penalty bids are rarely assessed , and are assessed most often in connection with offerings for which there is relatively low demand to help prevent triggering or exacerbating a market price decline through investor sales of IPO shares.85 Based on discussions between the staff and securities industry representatives , we also understand that syndicate managers justify the use of penalty bids by claiming that if the securities are sold within a short period of time , i.e ., flipped , the syndicate member has not earned its commission ( i.e ., for selling shares to long-term investors ) and the syndicate is entitled to reclaim the associated selling concessions via the penalty bid provision .