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ARTICLE · 23 SEPTEMBER 2008

Update Re. Short Selling Restrictions In Canada

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On September 18, 2008 the US Securities and Exchange Commission (SEC) issued an order pursuant to the Securities and Exchange Act of 1934 (the SEC Order) that “all persons are prohibited from short selling any publicly traded securities” of certain financial sector firms.

CanadaStrategy
Alfred Page
Alfred Page
Julie Hesse
Julie Hesse
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On September 18, 2008 the US Securities and Exchange Commission (SEC) issued an order pursuant to the Securities and Exchange Act of 1934 (the SEC Order) that "all persons are prohibited from short selling any publicly traded securities" of certain financial sector firms. This order was updated on September 22, 2008 to provide that US stock exchanges and markets are authorized to specify which firms would be the subject of the prohibition, and that the firms themselves could request that short selling of their securities re-commence.

On September 19, 2008 the Ontario Securities Commission (OSC) issued a Temporary Order (the OSC Order) under Section 127 (5) of the Securities Act (Ontario) prohibiting short selling of securities of certain financial sector firms listed on the Toronto Stock Exchange (TSX) and also interlisted in the United States.

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