SEC and FSA Take Action Against Abusive Short Selling
September 19, 2008
Colin J. Diamond, Gary Kashar, Kevin Keogh
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The SEC issued a temporary emergency order barring short selling in the securities of nearly 800 financial companies. This order is effective as of September 19 and will terminate at 11:59 p.m. ET on October 2, but may be extended for a limited time by the SEC. The FSA also adopted rules, effective as of September 19, barring short sales in the securities of 32 banks and insurance companies. In addition, the SEC issued new rules restricting "naked" short sales that went into effect on September 18.
If you would like to know more about any of the topics mentioned above, please contact the White & Case lawyer with whom you regularly discuss securities matters or any of the following lawyers:
Colin Diamond
Partner, Securities Practice
+1 212 819 8754
N. Adele Hogan
Partner, Securities Practice
+ 1 212 819 8626
Gary Kashar
Partner, Securities Practice
+ 1 212 819 8223
Kevin Keogh
Partner, Securities Practice
+ 1 212 819 8227
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