SEC Issues Emergency Order Restricting the "Naked" Short Selling of Fannie Mae, Freddie Mac and Certain Other Substantial Financial Firms
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On July 15, 2008, the SEC issued an emergency order (the “Order”), pursuant to Section 12(k)(2) of the Securities and Exchange Act of 1934, imposing restrictions on effecting “naked” short sales in the securities of 19 substantial financial firms.