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ARTICLE · 23 OCTOBER 2008

SEC Extends Emergency Rules Regarding Short Selling And Stock Repurchases

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The U.S. Securities and Exchange Commission (SEC) extended the emergency rules that strengthen the ban on naked short selling, temporarily halt short selling in financial stocks, temporarily require money managers to report new short sales, and temporarily ease existing restrictions on issuers repurchasing their securities.

United StatesFinance and Banking
Michael Kirwan
Michael Kirwan
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The U.S. Securities and Exchange Commission (SEC) extended the emergency rules that strengthen the ban on naked short selling, temporarily halt short selling in financial stocks, temporarily require money managers to report new short sales, and temporarily ease existing restrictions on issuers repurchasing their securities. These rules, which became effective between Thursday, September 18, 2008 and Monday, September 22, 2008, are now extended. The SEC has not reinstituted the uptick rule for short-sale transactions, nor has the SEC provided relief for parties wishing to conduct cashless exercises of employee stock options for financial institutions.

Specific Extensions

The ban on short selling in financial stocks has been extended to expire at 11:59 p.m. on the third business day after enactment of the pending "bailout" bill, but in any case, no later than 11:59 p.m. on October 17, 2008.

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