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ARTICLE · 17 OCTOBER 2008

SEC Takes Formal Rulemaking Action Regarding Short Sales

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On October 14, 2008, the US Securities and Exchange Commission (SEC) issued three formal rulemaking orders effectively extending the “naked short selling” rules implemented under an emergency order issued on September 17, 2008 (the “September Emergency Order”).

United StatesFinance and Banking
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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 16, 2008

Keywords: SEC, naked short selling, Form SH, Rule 204T, Securities Exchange Act, securities, Regulation SHO, Rule 10a-3T,

On October 14, 2008, the US Securities and Exchange Commission (SEC) issued three formal rulemaking orders effectively extending the "naked short selling" rules implemented under an emergency order issued on September 17, 2008 (the "September Emergency Order").1 On October 15, 2008, the SEC took the additional step of issuing another formal rulemaking order effectively extending the requirement for certain institutional investment managers to file information on Form SH concerning certain short sales and positions.2 As was foreshadowed on October 2, 2008,3 the SEC took the following steps:

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