Please be advised that today the SEC has revised its temporary emergency action with respect to the Order prohibiting short selling in financial firms. As there will likely be material differences in the application of the prohibition, you should read the new SEC order. The SEC has informed us that all companies that were covered by Friday's order will also be covered by the revised short sale prohibition. The SEC has also advised us that it expects to delegate to each national securities exchange the authority to identify additional listed companies that qualify for inclusion in the list of companies covered by the revised prohibition.
The additional companies must be in one of the following categories:
- banks, as defined in 15 U.S.C. 78c(a)(6)
- savings associations, as defined in 15 U.S.C. 78c(a)(46)
- registered brokers or dealers, as defined in 15 U.S.C. 78c(a)(48)
- insurance companies, as defined in 15 U.S.C. 80a-2(a)(17)
- investment advisors, both registered and unregistered
- banks, savings associations, brokers, dealers and insurance companies that are similar to those covered by the foregoing statutory definitions but which are regulated by a foreign (rather than U.S.)regulatory authority
- companies that control or have majority ownership of companies that meet one of the above criteria.
The SEC has informed us that companies that were on the original list attached to Friday's Order, or that fall into one of the categories expected to be covered by the new order, may opt out of the application of the revised short sale prohibition by informing the Exchange of that determination. The list of financial firms that meet this criteria follows. This list is subject to amendment, and we will notify you of any changes in subsequent notices. We hope that this correspondence will assist you in preparing your systems prior to the opening of trading on Monday, September, 22.
- LG GLG Partners, Inc.
- GE General Electric Co.
- OCN Ocwen Financial Corporation
- KBW KBW, Inc.
- GFG Guaranty Financial Group Inc.
- MFG Mizuho Financial Group, Inc.
- FMR First Mercury Financial Corporation
- STC Stewart Information Services Corporation
- FCF First Commonwealth Financial Corporation
- MTB M&T Bank Corporation
- DFS Discover Financial Services
- BMO Bank of Montreal
- TD Toronto Dominion Bank
- CM Canadian Imperial Bank of Commerce
- FMD The First Marblehead Corporation
- BBV Banco Bilbao Vizcaya SA
- CIB BanColombia SA
- LM Legg Mason, Inc.
- NFP National Financial Partners Corp.
- AXP American Express Company
- CIT CIT Group Inc.
- GM General Motors Corporation
- HIG The Hartford Financial Services Group
- ADS Alliance Data Systems Corporation
- ALD Allied Capital Corporation
- RAS RAIT Financial Trust
- DRL Doral Financial Corporation
- FSR Flagstone Reinsurance Holdings
- MCO Moody's Corporation
- COF Capital One Financial Corporation
For additional information please go to the SEC website:
SEC Approves Amended Order Requiring Reporting of Short Positions by Certain Investment Managers
Category: Securities
