Securities Markets
SEC Announces Actions on Short Sales
On July 27, the Securities and Exchange Commission (SEC) announced several actions in its continuing examination of short sale regulation. First, the SEC adopted Rule 204 of Regulation SHO under the Securities Exchange Act of 1934 (Exchange Act), making permanent its interim rule imposing close-out requirements on short sales. Second, the SEC announced that it would not extend its interim rule requiring the filing of short sale disclosures on Form SH (Rule 10a-3T under the Exchange Act), and would instead be working with the SROs to develop alternative means of disclosure. Third, the SEC announced that it would hold another roundtable on trading- and market-related practices in short selling, this one on September 30, 2009. The SEC has not announced official plans to take action on its April 2009 proposal to amend Regulation SHO, leaving it unclear for the moment as to whether it will postpone action on the proposal until after the September 30 roundtable. >>> continued
Treasury Extends Money Market Fund Guarantee
In order to further stabilize the financial markets, the U.S. Treasury Department (the Treasury) recently announced an additional extension to the Temporary Money Market Funds Guarantee Program (the Program).1 >>> continued