Title

Proposed Short Sale Restrictions: Implications for Equity Derivatives and Equity-Linked Securities
Client Memorandum

Created date

4/16/2009

On April 10, 2009, the Securities and Exchange Commission (the “SEC”) published proposed amendments to Regulation SHO that would impose new restrictions on short sales. As proposed, the amended rules do not provide clear exemptions for important aspects of the equity derivatives and equity-linked business as currently conducted.