SEC Issues Order Temporarily Banning Short Sales of Public Securities of 799 Financial Companies
Client Newsflash

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On September 17, 2008, the SEC issued new rules to protect investors against “naked” short selling and also announced an intention to take further regulatory and enforcement actions relating to short sales.

The new rules, Rule 204T of Regulation SHO, an amendment to Rule 203(b) of Regulation SHO and Rule 10b-21 under the Securities Exchange Act of 1934, will apply to the securities of all public companies.