Press Releases

SEC Short Selling Update

The Securities and Exchange Commission has extended the duration of its short selling disclosure rules in what it says is reaction to worries about market volatility. In an interim rule issued Wednesday, the SEC said the new rule will be effective until Aug. 1, 2009. "We are concerned by sudden and excessive fluctuation of securities prices and disruptions in the fair and orderly functioning of the securities markets," said the SEC in its announcement. "We are concerned about possible unnecessary or artificial price movements that may be based on unfounded rumours and may be exacerbated by short selling." Filers will now disclose their short positions at the end of the week instead of the start of the week, and will also have to report positions taken before Sept. 22. But they will no longer have to disclose the value of securities sold short or their largest intraday short positions under the new rule. The SEC also raised the bar for reporting short sales or positions to a market value of $10 million from $1 million.

05 JAN

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