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ARTICLE · 07 OCTOBER 2008

SEC Extends Short Sale Emergency Orders

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On October 1, 2008, the Securities and Exchange Commission (SEC) announced its intention to extend the recently issued emergency orders related to short sales.

United StatesCorporate/Commercial Law
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Article by Michael R. Butowsky , Eric J. Finseth , Charles M. Horn , Elizabeth M. Knoblock , Stephanie M. Monaco and Jerome J. Roche

Originally published October 3, 2008

Keywords: short sale, Emergency Order, SEC, financial companies, Form SH, reporting requirements, safe harbor, Regulation SHO, Temporary Rule 204T

On October 1, 2008, the Securities and Exchange Commission (SEC) announced its intention to extend the recently issued emergency orders related to short sales.1 Since then, the SEC has taken the following actions:

  • Prohibition of Short Selling in Financial Companies. The SEC issued an emergency order extending this ban until the sooner of (a) 11:59 p.m. ET on the third business day after enactment of the US "bailout" legislation or (b) 11:59 p.m. ET on October 17, 2008.2 

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