Alerts

SEC Extends Emergency Order Restricting Short Selling

July 30, 2008

On Tuesday, July 29, 2008, the Securities and Exchange Commission (the “Commission”) extended by 10 trading days its emergency order (the “Order”) issued on July 15, 2008, requiring traders to borrow or arrange to borrow stock before shorting the securities of 19 specified financial services companies. The extended Order took effect at 12:01 a.m. EDT on Wednesday, July 30, 2008, and will terminate at 11:59 p.m. EDT on Tuesday, August 12, 2008. In extending the Order, the Commission noted that it “continues to remain concerned about the ongoing threat of market disruption and effects on investor confidence.”