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ARTICLE · 06 OCTOBER 2008

OSC Prohibits Short Selling Of Certain Financial Stocks

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On September 19, 2008, the Ontario Securities Commission ("OSC") issued a temporary order prohibiting the short sale of securities of a number of financial sector companies (the "Temporary Order").

CanadaFinance and Banking
Michael Burns
Michael Burns
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On September 19, 2008,1 the Ontario Securities Commission ("OSC") issued a temporary order prohibiting the short sale of securities of a number of financial sector companies (the "Temporary Order").2 The Temporary Order was slightly amended on September 22, 2008, in order to address certain technical and operational concerns arising from the Temporary Order (the "Amended Temporary Order").3 Under the Amended Temporary Order, market participants are prohibited from short selling4 securities of the following issuers ("Financial Sector Issuers"):

  • Aberdeen Asia-Pacific Income Investment Company Ltd. (Ticker: FAP)
  • Bank of Montreal (BMO)
  • Bank of Nova Scotia (BNS)
  • Canadian Imperial Bank of Commerce (CM)

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