October 3, 2008
As a result of President Bush’s signing of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), the Securities and Exchange Commission’s Division of Trading and Markets announced[1] today that the prohibition on short sales in the securities of financial institutions will expire at 11:59 p.m. ET on Wednesday, October 8, 2008.
We will continue to update you on the SEC’s short sale initiatives as information is made available.
[1] SEC Division of Trading and Markets, Press Release 2008-238 (Oct. 3, 2008), available at http://www.sec.gov/news/press/2008/2008-238.htm
Gibson, Dunn & Crutcher lawyers are available to assist in addressing any questions you may have about these developments. Please contact the Gibson Dunn attorney with whom you work, K. Susan Grafton (202-887-3554, sgrafton@gibsondunn.com) in the firm’s Washington, D.C. office, or any of the following:
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Brian J. Lane (202-887-3646, blane@gibsondunn.com)
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Eduardo Gallardo (212-351-3847, egallardo@gibsondunn.com)
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Emad H. Khalil (+65 6507 3682, ekhalil@gibsondunn.com)
© 2008 Gibson, Dunn & Crutcher LLP
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