The SEC recently issued a statement announcing that it was extending certain temporary emergency orders and describing other actions relating to short selling rules. The following temporary orders are being extended:

• The order prohibiting short selling in public financial companies specified by the securities exchanges on which the shares of those companies are listed. This order will be extended to 11:59 p.m. ET on the third business day after enactment of the legislation currently pending in Congress to stabilize credit markets and the financial system, but in no event later than 11:59 p.m. ET on October 17, 2008.

• The order requiring that institutional money managers report to the SEC their new short sales of certain publicly traded securities. This order will be extended to 11:59 p.m. ET on October 17, 2008, but the SEC intends that the order will continue in effect after that date without interruption in the form of an interim final rule. While the SEC will seek comments on the anticipated rulemaking, the rules will remain in effect during the comment period. The October 1 statement also provides that disclosure under the emergency order will be made only to the SEC.

• The order easing restrictions on the ability of securities issuers to repurchase their securities. This order will be extended to 11:59 p.m. ET on October 17, 2008.

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