• Emergency Order Banning the Short Selling of Securities of Certain Financial Institutions to Expire
  • October 28, 2008
  • Law Firm: Shearman & Sterling LLP - New York Office
  • On September 18, 2008, the U.S. Securities and Exchange Commission (the "SEC") issued an emergency order prohibiting short sales of the securities of certain financial institutions (the "Short Sale Ban Order"). On October 2, 2008, the SEC extended the Short Sale Ban Order until the earlier of (a) three business days from the President's signing of the Emergency Economic Stabilization Act of 2008 (the "Economic Stabilization Act") or (b) 11:59 p.m. ET on October 17, 2008.