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24 September 2008

Related:

sec092308.htm       + SEC Emergency Order on Naked Short Selling       September 23, 2008

Three orders.


[Federal Register: September 24, 2008 (Volume 73, Number 186)]
[Notices]               
[Page 55169-55174]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24se08-147]                         

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 [Release No. 58592 ]

 
Emergency Order Pursuant to Section 12(K)(2) of the Securities 
Exchange Act of 1934 Taking Temporary Action To Respond to Market 
Developments

September 18, 2008.
    The Commission is aware of the continued potential of sudden and 
excessive fluctuations of securities prices and disruption in the 
functioning of the securities markets that could threaten fair and 
orderly markets. In our recent publication of an emergency order under 
Section 12(k) of the Exchange Act (the ``Act''),\1\ for example, we 
were concerned about the possible unnecessary or artificial price 
movements based on unfounded rumors regarding the stability of 
financial institutions and other issuers exacerbated by ``naked'' short 
selling. Our concerns, however, are no longer limited to just the 
financial institutions that were the subject of the July Emergency 
Order. Recent market conditions have made us concerned that short 
selling in the securities of a wider range of financial institutions 
may be

[[Page 55170]]

causing sudden and excessive fluctuations of the prices of such 
securities in such a manner so as to threaten fair and orderly markets.
---------------------------------------------------------------------------

    \1\ See Exchange Act Release No. 58166 (July 15, 2008). See also 
Exchange Act Release No. 58190 (July 18, 2008) (``Amended July 
Emergency Order''). See also Exchange Act Release No. 58572 
(September 17, 2008).
---------------------------------------------------------------------------

    Given the importance of confidence in our financial markets as a 
whole, we have become concerned about recent sudden declines in the 
prices of a wide range of securities. Such price declines can give rise 
to questions about the underlying financial condition of an issuer, 
which in turn can create a crisis of confidence, without a fundamental 
underlying basis. This crisis of confidence can impair the liquidity 
and ultimate viability of an issuer, with potentially broad market 
consequences. Our concerns are no longer limited to the financial 
institutions that were the subject of the July Emergency Order.
    As a result of these recent developments, the Commission has 
concluded that there continues to exist the potential of sudden and 
excessive fluctuations of securities prices generally and disruption in 
the functioning of the securities markets that could threaten fair and 
orderly markets. Based on this conclusion, the Commission is exercising 
its powers under Section 12(k)(2) of the Act.\2\ Pursuant to Section 
12(k)(2), in appropriate circumstances the Commission may issue 
summarily an order to alter, supplement, suspend, or impose 
requirements or restrictions with respect to matters or actions subject 
to regulation by the Commission if the Commission determines such an 
order is necessary in the public interest and for the protection of 
investors to maintain or restore fair and orderly securities markets.
---------------------------------------------------------------------------

    \2\ This finding of an ``emergency'' is solely for purposes of 
Section 12(k)(2) of the Exchange Act and is not intended to have any 
other effect or meaning or to confer any right or impose any 
obligation other than set forth in this Order.
---------------------------------------------------------------------------

    In these unusual and extraordinary circumstances, we have concluded 
that, to prevent substantial disruption in the securities markets, 
temporarily prohibiting any person from effecting a short sale in the 
publicly traded securities of certain financial firms, which entities 
are identified in Appendix A (``Included Financial Firms''), is in the 
public interest and for the protection of investors to maintain or 
restore fair and orderly securities markets.
    This emergency action should prevent short selling from being used 
to drive down the share prices of issuers even where there is no 
fundamental basis for a price decline other than general market 
conditions.
    It is ordered that, pursuant to our Section 12(k)(2) powers, all 
persons are prohibited from short selling \3\ any publicly traded 
securities of any Included Financial Firm.
---------------------------------------------------------------------------

    \3\ The definition of ``short sale'' shall be the same 
definition used in Rule 200(a) of Regulation SHO and the 
requirements for marking orders ``long'' or ``short'' shall be the 
same as provided in Regulation SHO.
---------------------------------------------------------------------------

    Similar to the Amended July Emergency Order, we are providing a 
limited exception for certain bona fide market makers. We believe this 
narrow exception is necessary because such market makers may need to 
facilitate customer orders in a fast moving market without possible 
delays associated with complying with the requirements of this Order.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the following entities are excepted from the requirements of 
the Order: Registered market makers, block positioners, or other market 
makers obligated to quote in the over-the-counter market, in each case 
that are selling short a publicly traded security of an Included 
Financial Firm as part of bona fide market making in such security.
    In addition, we are providing an exception to allow short sales 
that occur as a result of automatic exercise or assignment of an equity 
option held prior to effectiveness of this Order due to expiration of 
the option.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the requirements of this Order shall not apply to any person 
that effects a short sale in any publicly traded security of any 
Included Financial Firm as a result of automatic exercise or assignment 
of an equity option held prior to effectiveness of this Order due to 
expiration of the option.
    Finally, to facilitate the expiration of options on September 20th, 
options market makers are excepted from the requirements of this Order 
until 11:59 p.m. on September 19th when selling short as part of bona 
fide market making and hedging activities related directly to bona fide 
market making in derivatives on the publicly traded securities of any 
Included Financial Firm.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the requirements of this Order shall not apply, until 11:59 
p.m. on September 19, 2008, to any person that is a market maker that 
effects a short sale as part of a bona fide market making and hedging 
activity related directly to bona fide market making in derivatives on 
the publicly traded securities of any Included Financial Firm.
    This Order shall be effective immediately and shall terminate at 
11:59 p.m. EDT on October 2, 2008, unless further extended by the 
Commission.

    By the Commission.
J. Lynn Taylor,
Assistant Secretary.

Appendix A

    This list, prepared on a best efforts basis, includes banks, 
insurance companies, and securities firms identified by SICs 6000, 
6011, 6020-22, 6025, 6030, 6035-36, 6111, 6140, 6144, 6200, 6210-11, 
6231, 6282, 6305, 6310-11, 6320-21, 6324, 6330-31, 6350-51, 6360-61, 
6712, and 6719.

AAME ATLANTIC AMERICAN CORP
AANB ABIGAIL ADAMS NATL BANCORP INC
ABBC ABINGTON BANCORP INC PA
ABCB AMERIS BANCORP
ABCW ANCHOR BANCORP WISCONSIN INC
ABK AMBAC FINANCIAL GROUP INC
ABNJ AMERICAN BANCORP OF NJ INC
ABVA ALLIANCE BANKSHARES CORP
ACAP AMERICAN PHYSICIANS CAPITAL INC
ACBA AMERICAN COMMUNITY BNCSHRS INC
ACE ACE LTD
ACFC ATLANTIC COAST FED CORP
ACGL ARCH CAPITAL GROUP LTD NEW
ADVNA ADVANTA CORP
ADVNB ADVANTA CORP
AEG AEGON N V
AEL AMERICAN EQUITY INVT LIFE HLDG C
AET AETNA INC NEW
AF ASTORIA FINANCIAL CORP
AFFM AFFIRMATIVE INSURANCE HLDGS INC
AFG AMERICAN FINANCIAL GROUP INC NEW
AFL A F L A C INC
AGII ARGO GROUP INTL HLDGS LTD
AGO ASSURED GUARANTY LTD
AGP AMERIGROUP CORP
AGX ARGAN INC
AHD ATLAS PIPELINE HOLDINGS L P
AHL ASPEN INSURANCE HOLDINGS LTD
AIB ALLIED IRISH BANKS PLC
AIG AMERICAN INTERNATIONAL GROUP INC
AINV APOLLO INVESTMENT CORP
AIZ ASSURANT INC
ALL ALLSTATE CORP
ALLB ALLIANCE BANCORP INC PA
ALNC ALLIANCE FINANCIAL CORP NY
AMCP AMCOMP INC NEW
AMFI AMCORE FINANCIAL INC
AMG AFFILIATED MANAGERS GROUP INC
AMIC AMERICAN INDEPENDENCE CORP
AMNB AMERICAN NATIONAL BANKSHARES INC
AMP AMERIPRISE FINANCIAL INC
AMPH AMERICAN PHYSICIANS SVC GROUP
AMRB AMERICAN RIVER BANKSHARES
AMSF AMERISAFE INC
AMTD T D AMERITRADE HOLDING CORP
ANAT AMERICAN NATIONAL INS CO
ANNB ANNAPOLIS BANCORP INC
AOC AON CORP
APAB APPALACHIAN BANCSHARES INC
AROW ARROW FINANCIAL CORP

[[Page 55171]]

ASBI AMERIANA BANCORP
ASFI ASTA FUNDING INC
ASFN ATLANTIC SOUTHERN FINL GROUP INC
ASRV AMERISERV FINANCIAL INC
ATBC ATLANTIC BANCGROUP INC
ATLO AMES NATL CORP
AUBN AUBURN NATIONAL BANCORP
AWBC AMERICAN WEST BANCORPORATION
AWH ALLIED WORLD ASSUR CO HLDGS LTD
AXA A X A UAP
AXG ATLAS ACQUISITION HOLDINGS CORP
AXS AXIS CAPITAL HOLDINGS LTD
BAC BANK OF AMERICA CORP
BANF BANCFIRST CORP
BANR BANNER CORP
BARI BANCORP RHODE ISLAND INC
BAYN BAY NATIONAL CORP
BBNK BRIDGE CAPITAL HOLDINGS
BBT B B & T CORP
BBX BANKATLANTIC BANCORP INC
BCA CORPBANCA
BCAR BANK OF THE CAROLINAS CORP
BCBP B C B BANCORP INC
BCP BROOKE CAPITAL CORP
BCS BARCLAYS PLC
BCSB B C S B BANCORP INC
BDGE BRIDGE BANCORP INC
BEN FRANKLIN RESOURCES INC
BERK BERKSHIRE BANCORP INC DEL
BFF B F C FINANCIAL CORP
BFIN BANKFINACIAL CORP
BFNB BEACH FIRST NATL BANCSHARES INC
BHB BAR HARBOR BANKSHARES
BHBC BEVERLY HILLS BANCORP INC
BHLB BERKSHIRE HILLS BANCORP INC
BK BANK OF NEW YORK MELLON CORP
BKBK BRITTON & KOONTZ CAPITAL CORP
BKMU BANK MUTUAL CORP NEW
BKOR OAK RIDGE FINANCIAL SERVICES INC
BKSC BANK SOUTH CAROLINA CORP
BKUNA BANKUNITED FINANCIAL CORP
BLX BANCO LATINOAMERICANO DE EXP SA
BMRC BANK OF MARIN BANCORP
BMTC BRYN MAWR BANK CORP
BNCL BENEFICIAL MUTUAL BANCORP INC
BNCN B N C BANCORP
BNS BANK OF NOVA SCOTIA
BNV BEVERLY NATIONAL CORP
BOCH BANK OF COMMERCE HOLDINGS
BOFI B OF I HOLDING INC
BOFL BANK OF FLORIDA CORP NAPLES
BOH BANK OF HAWAII CORP
BOKF B O K FINANCIAL CORP
BOMK BANK MCKENNEY VA
BOVA BANK OF VIRGINIA
BPFH BOSTON PRIVATE FINL HLDS INC
BPSG BROADPOINT SECURITIES GROUP INC
BRK BERKSHIRE HATHAWAY INC DEL
BRK BERKSHIRE HATHAWAY INC DEL
BRKL BROOKLINE BANCORP INC
BSRR SIERRA BANCORP
BTFG BANCTRUST FINANCIAL GROUP INC
BUSE FIRST BUSEY CORP
BWINA BALDWIN & LYONS INC
BWINB BALDWIN & LYONS INC
BX BLACKSTONE GROUP L P
BXS BANCORPSOUTH INC
BYFC BROADWAY FINANCIAL CORP DEL
C CITIGROUP INC
CAC CAMDEN NATIONAL CORP
CACB CASCADE BANCORP
CADE CADENCE FINANCIAL CORP
CAFI CAMCO FINANCIAL CORP
CAPB CAPITALSOUTH BANCORP
CAPE CAPE FEAR BANK CORP
CART CAROLINA TRUST BANK
CARV CARVER BANCORP INC
CASB CASCADE FINANCIAL CORP
CASH META FINANCIAL GROUP INC
CATY CATHAY GENERAL BANCORP
CB CHUBB CORP
CBAN COLONY BANKCORP INC
CBBO COLUMBIA BANCORP ORE
CBC CAPITOL BANCORP LTD
CBIN COMMUNITY BANK SHRS INDIANA INC
CBKN CAPITAL BANK CORP NEW
CBNK CHICOPEE BANCORP INC
CBON COMMUNITY BANCORP
CBU COMMUNITY BANK SYSTEM INC
CCBD COMMUNITY CENTRAL BANK CORP
CCBG CAPITAL CITY BANK GROUP
CCBP COMM BANCORP INC
CCFH C C F HOLDING COMPANY
CCNE C N B FINANCIAL CORP PA
CCOW CAPITAL CORP OF THE WEST
CEBK CENTRAL BANCORP INC
CFBK CENTRAL FEDERAL CORP
CFFC COMMUNITY FINANCIAL CORP
CFFI C & F FINANCIAL CORP
CFFN CAPITOL FEDERAL FINANCIAL
CFNL CARDINAL FINANCIAL CORP
CFR CULLEN FROST BANKERS INC
CHCO CITY HOLDING CO
CHEV CHEVIOT FINANCIAL CORP
CHFC CHEMICAL FINANCIAL CORP
CI C I G N A CORP
CIA CITIZENS INC
CINF CINCINNATI FINANCIAL CORP
CITZ C F S BANCORP INC
CIZN CITIZENS HOLDING CO
CJBK CENTRAL JERSEY BANCORP
CLBH CAROLINA BANK HOLDINGS INC
CLFC CENTER FINANCIAL CORP
CLMS CALAMOS ASSET MANAGEMENT INC
CMA COMERICA INC
CME C M E GROUP INC
CMFB COMMERCEFIRST BANCORP INC
CMGI C M G I INC
CMSB C M S BANCORP INC
CNA C N A FINANCIAL CORP
CNAF COMMERCIAL NATIONAL FINL CORP
CNB COLONIAL BANCGROUP INC
CNBC CENTER BANCORP INC
CNBKA CENTURY BANCORP INC
CNC CENTENE CORP DEL
CNLA COMMUNITY NATL BANK LAKEWAY AREA
CNO CONSECO INC
CNS COHEN & STEERS INC
COBH PENNSYLVANIA COMMERCE BANCORP IN
COBZ COBIZ FINANCIAL INC
COLB COLUMBIA BANKING SYSTEM INC
COOP COOPERATIVE BANCSHARES INC
CORS CORUS BANKSHARES INC
COWN COWEN GROUP INC
CPBC COMMUNITY PARTNERS BANCORP
CPBK COMMUNITY CAPITAL CORP
CPF CENTRAL PACIFIC FINANCIAL CORP
CPHL CASTLEPOINT HOLDINGS LTD
CRBC CITIZENS REPUBLIC BANCORP INC
CRFN CRESCENT FINANCIAL CORP
CRMH C R M HOLDINGS LTD
CRRB CARROLLTON BANCORP
CRVL CORVEL CORP
CSBC CITIZENS SOUTH BANKING CORP DEL
CSBK CLIFTON SAVINGS BANCORP INC
CSFL CENTERSTATE BANKS OF FLORIDA INC
CSHB COMMUNITY SHORES BANK CORP
CSNT CRESCENT BANKING CO
CTBC CONNECTICUT BANK & TRUST CO
CTBI COMMUNITY TRUST BANCORP INC
CTBK CITYBANK LYNNWOOD WASHINGTON
CTZN CITIZENS FIRST BANCORP INC
CVBF C V B FINANCIAL CORP
CVBK CENTRAL VIRGINIA BANKSHARES INC
CVCY CENTRAL VALLEY COMM BANCORP
CVH COVENTRY HEALTH CARE INC
CVLL COMMUNITY VALLEY BANCORP
CVLY CODORUS VALLEY BANCORP INC
CWBC COMMUNITY WEST BANCSHARES
CWBS COMMONWEALTH BANKSHARES INC
CWLZ COWLITZ BANCORPORATION
CZFC CITIZENS FIRST CORP
CZWI CITIZENS CMNTY BANCORP INC MD
DB DEUTSCHE BANK AG
DCOM DIME COMMUNITY BANCSHARES
DEAR DEARBORN BANCORP INC
DFG DELPHI FINANCIAL GROUP INC
DGICA DONEGAL GROUP INC
DGICB DONEGAL GROUP INC
DHIL DIAMOND HILL INVESTMENT GRP INC
DLLR DOLLAR FINANCIAL CORP
DR DARWIN PROFESSIONAL UNDERWRITERS
DSL DOWNEY FINANCIAL CORP
DUF DUFF & PHELPS CORP NEW
EBSB MERIDIAN INTERSTATE BANCORP INC
EBTX ENCORE BANCSHRES INC
ECBE E C B BANCORP INC
EGBN EAGLE BANCORP INC
EIHI EASTERN INSURANCE HOLDINGS INC
EII ENERGY INFRASTRUCTURE ACQUI CORP
EMCI E M C INSURANCE GROUP INC
EMITF ELBIT IMAGING LTD
ENH ENDURANCE SPECIALTY HOLDINGS LTD
ESBF E S B FINANCIAL CORP
ESBK ELMIRA SAVINGS BANK FSB NY
ESGR ENSTAR GROUP LTD
ETFC E TRADE FINANCIAL CORP
EV EATON VANCE CORP
EVBN EVANS BANCORP INC
EVBS EASTERN VIRGINIA BANKSHARES INC
EVR EVERCORE PARTNERS INC
EWBC EAST WEST BANCORP INC
FABK FIRST ADVANTAGE BANCORP
FAC FIRST ACCEPTANCE CORP
FAF FIRST AMERICAN CORP CALIF
FBC FLAGSTAR BANCORP INC
FBCM F B R CAPITAL MARKETS CORP

[[Page 55172]]

FBIZ FIRST BUSINESS FINL SVCS INC
FBMI FIRSTBANK CORP
FBMS FIRST BANCSHARES INC MS
FBNC FIRST BANCORP NC
FBP FIRST BANCORP P R
FBSI FIRST BANCSHARES INC MO
FBSS FAUQUIER BANKSHARES INC
FBTC FIRST BANCTRUST
FCAL FIRST CALIFORNIA FINL GROUP INC
FCAP FIRST CAPITAL INC
FCBC FIRST COMMUNITY BANCSHARES INC
FCCO FIRST COMMUNITY CORP SC
FCCY 1ST CONSTITUTION BANCORP
FCFL FIRST COMMUNITY BANK CORP AMER
FCNCA FIRST CITIZENS BANCSHARES INC NC
FCVA FIRST CAPITAL BANCORP INC VA
FCZA FIRST CITIZENS BANC CORP
FDEF FIRST DEFIANCE FINANCIAL CORP
FDT FEDERAL TRUST CORP
FED FIRSTFED FINANCIAL CORP
FFBC FIRST FINANCIAL BANCORP OHIO
FFBH FIRST FEDERAL BANCSHARES ARK INC
FFCH FIRST FINANCIAL HOLDINGS INC
FFCO FEDFIRST FINANCIAL CORP
FFDF F F D FINANCIAL CORP
FFFD NORTH CENTRAL BANCSHARES INC
FFG F B L FINANCIAL GROUP INC
FFH FAIRFAX FINL HOLDINGS LTD
FFHS FIRST FRANKLIN CORP
FFIC FLUSHING FINANCIAL CORP
FFIN FIRST FINANCIAL BANKSHARES INC
FFKT FARMERS CAPITAL BANK CORP
FFKY FIRST FINANCIAL SERVICE CORP
FFNM FIRST FED NORTHN MI BANCORP INC
FFNW FIRST FINANCIAL NORTHWEST INC
FFSX FIRST FEDERAL BANKSHARES INC DEL
FHN FIRST HORIZON NATIONAL CORP
FIFG 1ST INDEPENDENCE FNL GROUP INC
FIG FORTRESS INVESTMENT GROUP L L C
FII FEDERATED INVESTORS INC PA
FISI FINANCIAL INSTITUTIONS INC
FKFS FIRST KEYSTONE FINANCIAL INC
FLIC FIRST LONG ISLAND CORP
FMAR FIRST MARINER BANCORP
FMBI FIRST MIDWEST BANCORP DE
FMER FIRSTMERIT CORP
FMFC FIRST M & F CORP
FNB F N B CORP PA
FNBN F N B UNITED CORP
FNFG FIRST NIAGARA FINL GROUP INC NEW
FNLC FIRST BANCORP INC ME
FNM FEDERAL NATIONAL MORTGAGE ASSN
FNSC FIRST NATIONAL BANCSHARES INC SC
FPBI F P B BANCORP INC
FPBN 1ST PACIFIC BANCORP CA
FPFC FIRST PLACE FINANCIAL CORP NM
FPIC F P I C INSURANCE GROUP INC
FPTB FIRST PACTRUST BANCORP INC
FRBK REPUBLIC FIRST BANCORP INC
FRE FEDERAL HOME LOAN MORTGAGE CORP
FRGB FIRST REGIONAL BANCORP
FRME FIRST MERCHANTS CORP
FSBI FIDELITY BANCORP INC
FSBK FIRST SOUTH BANCORP INC
FSGI FIRST SECURITY GROUP INC
FSNM FIRST STATE BANCORPORATION
FTBK FRONTIER FINANCIAL CORP
FULT FULTON FINANCIAL CORP PA
FUNC FIRST UNITED CORP
FWV FIRST WEST VIRGINIA BANCORP INC
FXCB FOX CHASE BANCORP INC
GABC GERMAN AMERICAN BANCORP INC
GAN GAINSCO INC
GBCI GLACIER BANCORP INC NEW
GBH GREEN BUILDERS INC
GBL GAMCO INVESTORS INC
GBNK GUARANTY BANCORP
GBTS GATEWAY FINANCIAL HLDGS INC
GCA GLOBAL CASH ACCESS HOLDINGS INC
GFED GUARANTY FEDERAL BANCSHARES INC
GFIG G F I GROUP INC
GFLB GREAT FLORIDA BANK
GGAL GRUPO FINANCIERO GALICIA S A
GHL GREENHILL & CO INC
GIW WILBER CORP
GLBZ GLEN BURNIE BANCORP
GLRE GREENLIGHT CAPITAL RE LTD
GNW GENWORTH FINANCIAL INC
GOV GOUVERNEUR BANCORP INC
GRAN BANK GRANITE CORP
GRNB GREEN BANKSHARES INC
GROW U S GLOBAL INVESTORS INC
GS GOLDMAN SACHS GROUP INC
GSBC GREAT SOUTHERN BANCORP INC
GSLA G S FINANCIAL CORP
GTS TRIPLE S MANAGEMENT CORP
HABC HABERSHAM BANCORP INC
HAFC HANMI FINANCIAL CORP
HALL HALLMARK FINANCIAL SERVICES INC
HARL HARLEYSVILLE SAVINGS FINAN CORP
HAXS HEALTHAXIS INC
HBAN HUNTINGTON BANCSHARES INC
HBHC HANCOCK HOLDING CO
HBNK HAMPDEN BANCORP INC
HBOS HERITAGE FINANCIAL GROUP
HCBK HUDSON CITY BANCORP INC
HCC H C C INSURANCE HOLDINGS INC
HEOP HERITAGE OAKS BANCORP
HFBC HOPFED BANCORP INC
HFFC H F FINANCIAL CORP
HFWA HERITAGE FINANCIAL CORP WA
HGIC HARLEYSVILLE GROUP INC
HIFS HINGHAM INSTITUTION FOR SVGS MA
HMN HORACE MANN EDUCATORS CORP NEW
HMNF H M N FINANCIAL INC
HMPR HAMPTON ROADS BANKSHARES INC
HNBC HARLEYSVILLE NATIONAL CORP PA
HNT HEALTH NET INC
HOMB HOME BANCSHARES INC
HOME HOME FEDERAL BANCORP INC MD
HRZB HORIZON FINANCIAL CORP WASH
HS HEALTHSPRING INC
HTBK HERITAGE COMMERCE CORP
HTH HILLTOP HOLDINGS INC
HTLF HEARTLAND FINANCIAL USA INC
HUM HUMANA INC
HWBK HAWTHORN BANCSHARES INC
HWFG HARRINGTON WEST FINANCIAL GRP IN
IAAC INTERNATIONAL ASSETS HLDG CORP
IBCA INTERVEST BANCSHARES CORP
IBCP INDEPENDENT BANK CORP MICH
IBKC IBERIABANK CORP
IBKR INTERACTIVE BROKERS GROUP INC
IBNK INTEGRA BANK CORP
IBOC INTERNATIONAL BANCSHARES CORP
ICE INTERCONTINENTAL EXCHANGE INC
ICH INVESTORS CAPITAL HOLDINGS LTD
IFC IRWIN FINANCIAL CORP
IFSB INDEPENDENCE FEDERAL SAVINGS BK
IHC INDEPENDENCE HOLDING CO NEW
IMP IMPERIAL CAPITAL BANCORP INC
INCB INDIANA COMMUNITY BANCORP
INDB INDEPENDENT BANK CORP MA
ING I N G GROUP N V
IPCC INFINITY PROPERTY & CASUALTY COR
IPCR I P C HOLDINGS LTD
IRE IRELAND BANK
ITC I T C HOLDINGS CORP
ITG INVESTMENT TECHNOLOGY GP INC NEW
ITIC INVESTORS TITLE CO
JAXB JACKSONVILLE BANCORP INC FL
JEF JEFFERIES GROUP INC NEW
JFBC JEFFERSONVILLE BANCORP
JFBI JEFFERSON BANCSHARES INC TENN
JLI JESUP & LAMONT INC
JMP J M P GROUP INC
JNS JANUS CAP GROUP INC
JPM JPMORGAN CHASE & CO
JXSB JACKSONVILLE BANCORP INC
KCLI KANSAS CITY LIFE INS CO
KENT KENT FINANCIAL SERVICES INC
KEY KEYCORP NEW
KFED K FED BANCORP
KFFB KENTUCKY FIRST FEDERAL BANCORP
KFS KINGSWAY FINANCIAL SERVICES INC
KRNY KEARNY FINANCIAL CORP
L LOEWS CORP
LAB LABRANCHE & CO INC
LABC LOUISIANA BANCORP INC
LARK LANDMARK BANCORP INC
LAZ LAZARD LTD
LBBB LIBERTY BELL BK CHERRY HILL NJ
LBCP LIBERTY BANCORP INC MO
LEGC LEGACY BANCORP INC
LEH LEHMAN BROTHERS HOLDINGS INC
LFC CHINA LIFE INSURANCE CO LTD
LION FIDELITY SOUTHERN CORP NEW
LKFN LAKELAND FINANCIAL CORP
LNC LINCOLN NATIONAL CORP IN
LNCB LINCOLN BANCORP IND
LPSB LAPORTE BANCORP INC
LSBI L S B FINANCIAL CORP
LSBK LAKE SHORE BANCORP INC
LSBX L S B CORP
LTS LADENBURG THALMANN FIN SVCS INC
LUK LEUCADIA NATIONAL CORP
LYG LLOYDS TSB GROUP PLC
MAIN MAIN STREET CAPITAL CORP
MASB MASSBANK CORP

[[Page 55173]]

MBFI M B FINANCIAL INC NEW
MBHI MIDWEST BANC HOLDINGS INC
MBI M B I A INC
MBP MID PENN BANCORP INC
MBR MERCANTILE BANCORP INC
MBRG MIDDLEBURG FINANCIAL CORP
MBTF M B T FINANCIAL CORP
MBVA MILLENNIUM BANKSHARES CORP
MBVT MERCHANTS BANCSHARES INC
MBWM MERCANTILE BANK CORP
MCBF MONARCH COMMUNITY BANCORP INC
MCBI METROCORP BANCSHARES INC
MCGC M C G CAPITAL CORP
MCY MERCURY GENERAL CORP NEW
MER MERRILL LYNCH & CO INC
MERR MERRIMAN CURHAN FORD GROUP INC
MF M F GLOBAL LTD
MFC MANULIFE FINANCIAL CORP
MFLR MAYFLOWER BANCORP INC
MFNC MACKINAC FINANCIAL CORP
MFSF MUTUALFIRST FINL INC
MGYR MAGYAR BANCORP INC
MHLD MAIDEN HOLDNGS LTD
MI MARSHALL & ILSLEY CORP NEW
MIG MEADOWBROOK INSURANCE GROUP INC
MIGP MERCER INSURANCE GROUP INC
MKL MARKEL CORP
MKTX MARKETAXESS HLDGS INC
MNRK MONARCH FINANCIAL HOLDINGS INC
MOFG MIDWESTONE FINANCIAL GRP INC NEW
MOH MOLINA HEALTHCARE INC
MORN MORNINGSTAR INC
MRH MONTPELIER RES HOLDINGS LTD
MROE MONROE BANCORP
MS MORGAN STANLEY DEAN WITTER & CO
MSBF M S B FINANCIAL CORP
MSFG MAINSOURCE FINANCIAL GROUP INC
MSL MIDSOUTH BANCORP INC
MTG M G I C INVESTMENT CORP WIS
MTU MITSUBISHI UFJ FINANCIAL GP INC
MXGL MAX CAPITAL GROUP LTD
NAHC NATIONAL ATLANTIC HOLDINGS CORP
NAL NEWALLIANCE BANCSHARES INC
NARA NARA BANCORP INC
NATL NATIONAL INTERSTATE CORP
NAVG NAVIGATORS GROUP INC
NBBC NEWBRIDGE BANCORP
NBN NORTHEAST BANCORP
NBTB N B T BANCORP INC
NBTF N B & T FINANCIAL GROUP INC
NCBC NEW CENTURY BANCORP INC NC
NCC NATIONAL CITY CORP
NDAQ NASDAQ O M X GROUP INC
NEBS NEW ENGLAND BANCSHARES INC
NECB NORTHEAST COMMUNITY BANCORP INC
NEWT NEWTEK BUSINESS SVCS INC
NFBK NORTHFIELD BANCORP INC
NFS NATIONWIDE FINANCIAL SERVICES IN
NFSB NEWPORT BANCORP INC
NHTB NEW HAMPSHIRE THRIFT BNCSHRS INC
NICK NICHOLAS FINANCIAL INC
NITE KNIGHT CAPITAL GROUP INC
NKSH NATIONAL BANKSHARES INC
NMR NOMURA HOLDINGS INC
NMX NYMEX HOLDINGS INC
NOVB NORTH VALLEY BANCORP
NPBC NATIONAL PENN BANCSHARES INC
NRIM NORTHRIM BANCORP INC
NSEC NATIONAL SECURITY GROUP INC
NSFC NORTHERN STATES FINANCIAL CORP
NSH NUSTAR G P HOLDINGS LLC
NTQ N T R ACQUISITION CO
NTRS NORTHERN TRUST CORP
NVSL NAUGATUCK VLY FINANCIAL CORP
NWFL NORWOOD FINANCIAL CORP
NWLIA NATIONAL WESTERN LIFE INS CO
NWSB NORTHWEST BANCORP INC PA
NXTY NEXITY FINANCIAL CORP
NYB NEW YORK COMMUNITY BANCORP INC
NYM N Y M A G I C INC
NYX N Y S E EURONEXT
OCFC OCEANFIRST FINANCIAL CORP
OFG ORIENTAL FINANCIAL GROUP INC
OKSB SOUTHWEST BANCORP INC OKLA
OLBK OLD LINE BANCSHARES
OLCB OHIO LEGACY CORP
ONB OLD NATIONAL BANCORP
ONFC ONEIDA FINANCIAL CORP
OPHC OPTIMUMBANK HOLDINGS INC
OPOF OLD POINT FINL CORP
OPY OPPENHEIMER HOLDINGS INC
ORH ODYSSEY RE HOLDINGS CORP
ORI OLD REPUBLIC INTERNATIONAL CORP
ORIT ORITANI FINANCIAL CORP
OSBC OLD SECOND BANCORP INC
OSBK OSAGE BANCSHARES INC
OSHC OCEAN SHORE HOLDING CO
OVBC OHIO VALLEY BANC CORP
OXPS OPTIONSXPRESS HOLDINGS INC
OZM OCH ZIFF CAPITAL MANGMNT GRP LLC
OZRK BANK OF THE OZARKS INC
PABK P A B BANKSHARES INC
PACW PACWEST BANCORP DE
PBCI PAMRAPO BANCORP INC
PBCT PEOPLES UNITED FINANCIAL INC
PBHC PATHFINDER BANCORP INC
PBIB PORTER BANCORP INC
PBIP PRUDENTIAL BANCORP INC PA
PBKS PROVIDENT BANKSHARES CORP
PBNY PROVIDENT NEW YORK BANCORP
PCBC PACIFIC CAPITAL BANCORP NEW
PCBI PEOPLES COMMUNITY BANCORP INC
PCBK PACIFIC CONTINENTAL CORP
PCBS PROVIDENT COMMUNITY BANCSHRS INC
PEBK PEOPLES BANCORP NC INC
PEBO PEOPLES BANCORP INC
PFBC PREFERRED BANK LOS ANGELES
PFBI PREMIER FINANCIAL BANCORP INC
PFBX PEOPLES FINANCIAL CORP
PFED PARK BANCORP INC
PFG PRINCIPAL FINANCIAL GROUP INC
PFS PROVIDENT FINANCIAL SVCS INC
PGR PROGRESSIVE CORP OH
PHLY PHILADELPHIA CONSOLIDATED HLG CO
PICO P I C O HOLDINGS INC
PJC PIPER JAFFRAY COMPANIES
PKBK PARKE BANCORP INC
PL PROTECTIVE LIFE CORP
PLCC PAULSON CAPITAL CORP
PLFE PRESIDENTIAL LIFE CORP
PMACA P M A CAPITAL CORP
PMBC PACIFIC MERCANTILE BANCORP
PMI P M I GROUP INC
PNBC PRINCETON NATIONAL BANCORP INC
PNBK PATRIOT NATIONAL BANCORP INC
PNC P N C FINANCIAL SERVICES GRP INC
PNFP PINNACLE FINANCIAL PARTNERS INC
PNSN PENSON WORLDWIDE INC
PNX PHOENIX COS INC
PPBI PACIFIC PREMIER BANCORP INC
PRA PROASSURANCE CORP
PRE PARTNERRE LTD
PRK PARK NATIONAL CORP
PROS PROCENTURY CORP
PROV PROVIDENT FINANCIAL HOLDINGS INC
PRSP PROSPERITY BANCSHARES INC
PRU PRUDENTIAL FINANCIAL INC
PRWT PREMIERWEST BANCORP
PSBC PACIFIC STATE BANCORP
PSBH PSB HOLDINGS INC
PSEC PROSPECT CAPITAL CORP
PTA PENN TREATY AMERICAN CORP
PTP PLATINUM UNDERWRITERS HLDGS LTD
PUK PRUDENTIAL PLC
PULB PULASKI FINANCIAL CORP
PVFC P V F CAPITAL CORP
PVSA PARKVALE FINANCIAL CORP
PVTB PRIVATEBANCORP INC
PWOD PENNS WOODS BANCORP INC
PZN PZENA INVESTMENT MANAGEMENT INC
QCRH Q C R HOLDINGS INC
QNTA QUANTA CAPITAL HOLDINGS LTD
RAMR R A M HOLDINGS LTD
RBCAA REPUBLIC BANCORP INC KY
RBNF RURBAN FINANCIAL CORP
RBPAA ROYAL BANCSHARES PA INC
RBS ROYAL BANK SCOTLAND GROUP PLC
RCBK RIVER CITY BANK
RCKB ROCKVILLE FINANCIAL INC
RDN RADIAN GROUP INC
RE EVEREST RE GROUP LTD
RF REGIONS FINANCIAL CORP NEW
RGA REINSURANCE GROUP OF AMERICA INC
RIVR RIVER VALLEY BANCORP
RJF RAYMOND JAMES FINANCIAL INC
RKH REGIONAL BANK HOLDRS TRUST
RLI R L I CORP
RNR RENAISSANCERE HOLDINGS LTD
RNST RENASANT CORP
RODM RODMAN & RENSHAW CAP GRP INC NEW
ROMA ROMA FINANCIAL CORP
ROME ROME BANCORP INC
RPFG RAINIER PACIFIC FINL GROUP INC
RVSB RIVERVIEW BANCORP INC
RY ROYAL BANK CANADA MONTREAL QUE
SAF SAFECO CORP
SAFT SAFETY INSURANCE GROUP INC
SAL SALISBURY BANCORP INC
SAMB SUN AMERICAN BANCORP
SASR SANDY SPRING BANCORP INC
SAVB SAVANNAH BANCORP INC
SBBX SUSSEX BANCORP
SBCF SEACOAST BANKING CORP FLA

[[Page 55174]]

SBIB STERLING BANCSHARES INC
SBKC SECURITY BANK CORP
SBNY SIGNATURE BANK NEW YORK N Y
SBP SANTANDER BANCORP
SBSI SOUTHSIDE BANCSHARES INC
SCA SECURITY CAPITAL ASSURANCE LTD
SCB COMMUNITY BANKSHARES INC S C
SCBT S C B T FINANCIAL CORP
SCHW SCHWAB CHARLES CORP NEW
SCMF SOUTHERN COMMUNITY FINCL CORP
SEAB SEABRIGHT INSURANCE HOLDINGS INC
SF STIFEL FINANCIAL CORP
SFG STANCORP FINANCIAL GROUP INC
SFNC SIMMONS 1ST NATIONAL CORP
SFST SOUTHERN FIRST BANCSHARES INC
SGB SOUTHWEST GEORGIA FINANCIAL CORP
SHG SHINHAN FINANCIAL GROUP CO LTD
SIEB SIEBERT FINANCIAL CORP
SIFI SI FINANCIAL GROUP INC
SIGI SELECTIVE INSURANCE GROUP INC
SIVB S V B FINANCIAL GROUP
SLF SUN LIFE FINANCIAL INC
SLM S L M CORP
SMBC SOUTHERN MISSOURI BANCORP INC
SMCG MILLENNIUM INDIA ACQUISIT CO INC
SMHG SANDERS MORRIS HARRIS GROUP INC
SMMF SUMMIT FINANCIAL GROUP INC
SMTB SMITHTOWN BANCORP INC
SNBC SUN BANCORP INC
SNV SYNOVUS FINANCIAL CORP
SOCB SOUTHCOAST FINANCIAL CORP
SOMH SOMERSET HILLS BANCORP
SONA SOUTHERN NATIONAL BANCORP VA INC
SOV SOVEREIGN BANCORP INC
SRCE 1ST SOURCE CORP
SSBI SUMMIT STATE BANK
SSBX SILVER STATE BANCORP
SSFN STEWARDSHIP FINANCIAL CORP
STBA S & T BANCORP INC
STBC STATE BANCORP INC NY
STBK STERLING BANKS INC
STEL STELLARONE CORP
STFC STATE AUTO FINANCIAL CORP
STI SUNTRUST BANKS INC
STL STERLING BANCORP
STSA STERLING FINANCIAL CORP WASH
STT STATE STREET CORP
STU STUDENT LOAN CORP
SUAI SPECIALTY UNDERWRITERS ALL INC
SUBK SUFFOLK BANCORP
SUFB SUFFOLK FIRST BANK VA
SUPR SUPERIOR BANCORP
SUR C N A SURETY CORP
SUSQ SUSQUEHANNA BANCSHARES INC PA
SVBI SEVERN BANCORP INC MD
SWS S W S GROUP INC
SYBT S Y BANCORP INC
TAMB TAMALPAIS BANCORP
TAQ TRANSFORMA ACQUISITION GROUP INC
TAYC TAYLOR CAPITAL GROUP INC
TBBK BANCORP INC
TBHS BANK HOLDINGS THE
TCB T C F FINANCIAL CORP
TCBI TEXAS CAPITAL BANCSHARES INC
TCBK TRICO BANCSHARES
TCH 21ST CENTURY HOLDING CO
TDBK TIDELANDS BANCSHARES INC
TFIN TEAM FINANCIAL INC
TFSL TFS FINANCIAL CORP
TGIC TRIAD GUARANTY INC
THFF FIRST FINANCIAL CORP IN
THG HANOVER INSURANCE GROUP INC
THRD T F FINANCIAL CORP
TIBB T I B FINANCIAL CORP
TIL TRANS INDIA ACQUISITION CORP
TMCV TEMECULA VALLEY BANCORP INC
TMK TORCHMARK CORP
TMP TOMPKINS FINANCIAL CORP
TNCC TENNESSEE COMMERCE BANCORP INC
TOFC TOWER FINANCIAL CORP
TONE TIERONE CORP
TOWN TOWNEBANK
TRH TRANSATLANTIC HOLDINGS INC
TROW T ROWE PRICE GROUP INC
TRST TRUSTCO BANK CORP NY
TRUE CENTRUE FINANCIAL CORP NEW
TRV TRAVELERS COMPANIES INC
TSBK TIMBERLAND BANCORP INC
TSFG SOUTH FINL GROUP INC
TSH TECHE HOLDING CO
TWGP TOWER GROUP INC
TWPG THOMAS WEISEL PARTNERS GROUP INC
UAM UNIVERSAL AMERICAN CORP
UB UNIONBANCAL CORP
UBCP UNITED BANCORP INC
UBFO UNITED SECURITY BANKSHARES
UBNK UNITED FINANCIAL BANCORP INC MD
UBOH UNITED BANCSHARES INC
UBS U B S AG
UBSH UNION BANKSHARES CORP
UBSI UNITED BANKSHARES INC
UCBA UNITED COMMUNITY BANCORP
UCBH U C B H HOLDINGS INC
UCBI UNITED COMMUNITY BANKS INC GA
UCFC UNITED COMMUNITY FINL CORP OHIO
UFCS UNITED FIRE & CAS CO
UMBF U M B FINANCIAL CORP
UMPQ UMPQUA HOLDINGS CORP
UNAM UNICO AMERICAN CORP
UNB UNION BANKSHARES INC
UNH UNITEDHEALTH GROUP INC
UNIB UNIVERSITY BANCORP INC
UNM UNUM GROUP
UNTY UNITY BANCORP INC
USB U S BANCORP DEL
USBI UNITED SECURITY BANCSHARES INC
UTR UNITRIN INC
UVSP UNIVEST CORP OF PENNSYLVANIA
UWBK UNITED WESTERN BANCORP INC
VBFC VILLAGE BANK AND TRUST FINL CORP
VCBI VIRGINIA COMMERCE BANCORP
VIST V I S T FINACIAL CORP
VLY VALLEY NATIONAL BANCORP
VNBC VINEYARD NATIONAL BANCORP
VPFG VIEWPOINT FINANCIAL GROUP
VR VALIDUS HOLDINGS LTD
VSBN V S B BANCORP INC NY
VYFC VALLEY FINANCIAL CORP VA
WABC WESTAMERICA BANCORPORATION
WAIN WAINWRIGHT BANK & TRUST CO BOSTN
WAL WESTERN ALLIANCE BANCORPORATION
WASH WASHINGTON TRUST BANCORP INC
WAUW WAUWATOSA HOLDINGS INC
WAYN WAYNE SAVINGS BANCSHARES INC NEW
WB WACHOVIA CORP 2ND NEW
WBCO WASHINGTON BANKING COMPANY
WBNK WACCAMAW BANKSHARES INC
WBS WEBSTER FINL CORP WATERBURY CONN
WCBO WEST COAST BANCORP ORE NEW
WCG WELLCARE HEALTH PLANS INC
WDR WADDELL & REED FINANCIAL INC
WFBC WILLOW FINANCIAL BANCORP INC
WFC WELLS FARGO & CO NEW
WFD WESTFIELD FINANCIAL INC
WFSL WASHINGTON FEDERAL INC
WGNB W G N B CORP
WHG WESTWOOD HOLDINGS GROUP INC
WHI W HOLDING CO INC
WIBC WILSHIRE BANCORP INC
WL WILMINGTON TRUST CORP
WLP WELLPOINT INC
WM WASHINGTON MUTUAL INC
WPL STEWART W P & CO LTD
WRB BERKLEY W R CORP
WSB W S B HOLDINGS INC
WSBC WESBANCO INC
WSFG W S B FINANCIAL GROUP
WSFS WSFS FINANCIAL CORP
WTBA WEST BANCORPORATION INC
WTFC WINTRUST FINANCIAL CORPORATION
WTM WHITE MOUNTAINS INS GROUP INC
WTNY WHITNEY HOLDING CORP
WVFC WVS FINANCIAL CORP
XL X L CAPITAL LTD
Y ALLEGHANY CORP DE
YAVY YADKIN VALLEY FINANCIAL CORP
ZION ZIONS BANCORP
ZNT ZENITH NATIONAL INSURANCE CORP

 [FR Doc. E8-22369 Filed 9-23-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: September 24, 2008 (Volume 73, Number 186)]
[Notices]               
[Page 55174-55175]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24se08-148]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58588]

 
Emergency Order Pursuant to Section 12(k)(2) of the Securities 
Exchange Act of 1934 Taking Temporary Action To Respond to Market 
Developments

September 18, 2008.
    The Commission is aware of the continued potential of sudden and 
excessive fluctuations of securities prices and disruption in the 
functioning of the securities markets that could threaten fair and 
orderly markets. Given the importance of confidence in our financial 
markets as a whole, we have

[[Page 55175]]

also become concerned about sudden and unexplained declines in the 
prices of securities. Such price declines can give rise to questions 
about the underlying financial condition of an issuer, which in turn 
can create a crisis of confidence without a fundamental underlying 
basis. This crisis of confidence can impair the liquidity and ultimate 
viability of an issuer, with potentially broad market consequences.
    As a result of these recent developments, the Commission concluded 
that there continues to exist the potential of sudden and excessive 
fluctuations of securities prices generally and disruption in the 
functioning of the securities markets that could threaten fair and 
orderly markets. Based on this conclusion, the Commission is exercising 
its powers under Section 12(k)(2) of the Securities Exchange Act of 
1934.\1\ Pursuant to Section 12(k)(2), in appropriate circumstances the 
Commission may issue summarily an order to alter, supplement, suspend, 
or impose requirements or restrictions with respect to matters or 
actions subject to regulation by the Commission.
---------------------------------------------------------------------------

    \1\ This finding of an ``emergency'' is solely for purposes of 
Section 12(k)(2) of the Exchange Act and is not intended to have any 
other effect or meaning or to confer any right or impose any 
obligation other than set forth in this Order.
---------------------------------------------------------------------------

    We have determined that issuer repurchases can represent an 
important source of liquidity during times of market volatility. 
Exchange Act Rule 10b-18 provides issuers with a safe harbor to effect 
repurchases within certain conditions. Historically, issuers generally 
have been reluctant to undertake repurchases without the certainty that 
their repurchases come within the safe harbor. Temporarily altering the 
timing and volume conditions in the safe harbor will provide additional 
flexibility and certainty to issuers that consider executing 
repurchases during the current market conditions. In these unusual and 
extraordinary circumstances, we believe altering the timing and volume 
conditions in Exchange Act Rule 10b-18 is necessary in the public 
interest and for the protection of investors to maintain fair and 
orderly securities markets, and to prevent substantial disruption in 
the securities markets.
    It is ordered, pursuant to our Section 12(k)(2) powers, that:
    In connection with a Rule 10b-18 purchase or with a Rule 10b-18 bid 
that is made during the period covered by this Order by the use of any 
means or instrumentality of interstate commerce or of the mails, or of 
any facility of any national securities exchange, an issuer, or an 
affiliated purchaser of the issuer, shall not be deemed to have 
violated Section 9(a)(2) of the Exchange Act or Rule 10b-5 under the 
Exchange Act, solely by reason of the time or price at which its Rule 
10b-18 bids or Rule 10b-18 purchases are made or the amount of such 
bids or purchases or the number of brokers or dealers used in 
connection with such bids or purchases if the issuer or affiliated 
purchaser of the issuer meets all of the conditions in Rule 10b-18 with 
the exception that:
    (i) The time of purchases condition in paragraphs (b)(2)(i), 
(b)(2)(ii), and (b)(2)(iii) of Exchange Act Rule 10b-18 is suspended; 
and
    (ii) The volume of purchases condition in paragraph (b)(4) of 
Exchange Act Rule 10b-18 is modified so that the amount of Rule 10b-18 
purchases must not exceed 100 percent of the ADTV for the security.
    All other provisions of Exchange Act Rule 10b-18, including the 
manner and price of purchase conditions of paragraphs (b)(1) and 
(b)(3), are not altered by this order. Terms used in this order have 
the same meanings as those terms used in Exchange Act Rule 10b-18 
unless stated otherwise.
    This Order shall be effective at 12:01 a.m. EDT on September 19, 
2008, and shall terminate at 11:59 p.m. on October 2, 2008 unless 
further extended by the Commission.

    By the Commission.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E8-22370 Filed 9-23-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: September 24, 2008 (Volume 73, Number 186)]
[Notices]               
[Page 55175-55180]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24se08-149]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 58591]

 
Securities Exchange Act of 1934; Emergency Order Pursuant to 
Section 12(k)(2) of the Securities Exchange Act of 1934 Taking 
Temporary Action To Respond to Market Developments

September 18, 2008.
    The Commission is aware of the continued potential of sudden and 
excessive fluctuations of securities prices and disruption in the 
functioning of the securities markets that could threaten fair and 
orderly markets. As evidenced by our recent publication of emergency 
orders under Section 12(k) of the Securities Exchange Act of 1934 
(``Exchange Act''),\1\ we are concerned about the possible unnecessary 
or artificial price movements based on unfounded rumors regarding the 
stability of financial institutions and other issuers exacerbated by 
short selling. We also believe that some persons may take advantage of 
issuers that have become temporarily weakened by current market 
conditions to engage in inappropriate short selling in the securities 
of such issuers.
---------------------------------------------------------------------------

    \1\ See Exchange Act Release No. 58166 (July 15, 2008), Exchange 
Act Release No. 58572 (September 17, 2008).
---------------------------------------------------------------------------

    Given the importance of confidence in our financial markets as a 
whole, we have become concerned about sudden and unexplained declines 
in the prices of securities. Such price declines can give rise to 
questions about the underlying financial condition of an issuer, which 
in turn can create a crisis of confidence without a fundamental 
underlying basis. This crisis of confidence can impair the liquidity 
and ultimate viability of an issuer, with potentially broad market 
consequences.
    As a result of these recent developments, the Commission concluded 
that there continues to exist the potential of sudden and excessive 
fluctuations of securities prices generally and disruption in the 
functioning of the securities markets that could threaten fair and 
orderly markets. Based on this conclusion, the Commission is exercising 
its powers under Section 12(k)(2) of the Exchange Act.\2\ Pursuant to 
Section 12(k)(2), in appropriate circumstances the Commission may by 
order summarily take action to alter, supplement, suspend, or impose 
requirements or restrictions with respect to matters or actions subject 
to regulation by the Commission.
---------------------------------------------------------------------------

    \2\ This finding of an ``emergency'' is solely for purposes of 
Section 12(k)(2) of the Exchange Act and is not intended to have any 
other effect or meaning or to confer any right or impose any 
obligation other than set forth in this Order.
---------------------------------------------------------------------------

    We have concluded that it is necessary to require certain 
institutional investment managers to report information concerning 
daily short sales of securities. For purposes of this Order, we believe 
that section 13(f) of the Exchange Act and Rule 13f-1 provide useful 
and tested terms and definitions that provide a basis for requiring new 
disclosure. The Order therefore requires that an institutional 
investment manager that exercises investment discretion \3\ with 
respect to accounts holding section 13(f) securities \4\ having an 
aggregate fair market value on the last trading day of any month of any 
calendar year of at

[[Page 55176]]


least $100,000,000 must file a new form with the Commission. 
Specifically, an institutional investment manager who has filed or was 
required to file a Form 13F for the calendar quarter ended June 30, 
2008 under section 13(f) of the Exchange Act and Rule 13f-1(a) 
thereunder will be required to file a report on new Form SH with the 
Commission on the first business day \5\ of every calendar week 
immediately following a week in which it effected short sales.
---------------------------------------------------------------------------

    \3\ The term ``investment discretion'' has the same meaning as 
in Exchange Act Rule 13f-1(b). See 17 CFR 240.13f-1(b).
    \4\ The term ``section 13(f) securities'' has the same meaning 
as in Exchange Act Rule 13f-1(c). See 17 CFR 240.13f-1(c).
    \5\ See Exchange Act Rule 0-2 for a description of the business 
hours of the Commission. 17 CFR 240.0-2.
---------------------------------------------------------------------------

    The Form SH, which must be filed electronically and will be 
publicly available on our EDGAR system,\6\ must include disclosure of 
the number and value of securities sold short for each section 13(f) 
security, except for short sales in options, and the opening short 
position, closing short position, largest intraday short position, and 
the time of the largest intraday short position, for that security 
during each calendar day of the prior week. No filing, however, will be 
required when no short sales of a section 13(f) security have been 
effected since the previous filing of a Form SH. In addition, this 
disclosure requirement will only apply to short sales effected after 
the effective date of the Order. Finally, an institutional investment 
manager need not report short positions otherwise reportable if: (i) 
The short position in the section 13(f) securities constitutes less 
than one-quarter of one percent of the class of the issuer's section 
13(f) securities issued and outstanding as reported on the issuer's 
most recent annual or quarterly report, and any current report 
subsequent thereto, filed with the Commission pursuant to the Exchange 
Act, unless the manager knows or has reason to believe the information 
contained therein is inaccurate; and (ii) the fair market value of the 
short position in the section 13(f) securities is less than $1,000,000.
---------------------------------------------------------------------------

    \6\ No Commission procedure for seeking confidential treatment 
of information filed with or transmitted to the Commission, such as 
those in 17 CFR 200.80, 200.83, or 240.24b-2, shall apply to the 
information that this Order requires to be filed.
---------------------------------------------------------------------------

    We believe that the extraordinary circumstances we now confront 
require the new disclosure requirements we are imposing today. We also 
believe such disclosure requirements are in the public interest for the 
protection of investors and will ensure transparency in short selling.
    It is ordered that, pursuant to our Section 12(k)(2) powers:

    Every institutional investment manager that exercises investment 
discretion with respect to accounts holding section 13(f) securities 
and that has filed or was required to file a Form 13F for the 
calendar quarter ended June 30, 2008, as required under section 
13(f) of the Exchange Act and Rule 13f-1(a) thereunder, must file a 
report on Form SH with the Commission. The Form SH filing must be 
made on the first business day of each week immediately following a 
week in which the institutional investment manager has effected any 
short sale with respect to any section 13(f) security that is not an 
option. With respect to each section 13(f) security that is not an 
option, the Form SH filing must reflect the number and value of 
securities sold short during the day as well as the opening short 
position, closing short position, largest intraday short position, 
and the time of the largest intraday short position, for that 
security on each calendar day of the prior week in which the 
institutional investment manager engaged in trading activity with 
respect to short sales.
    Finally, an institutional investment manager need not report 
short positions otherwise reportable if: (i) The short position in 
the section 13(f) securities constitutes less than one-quarter of 
one percent of the class of the issuer's section 13(f) securities 
issued and outstanding as reported on the issuer's most recent 
annual or quarterly report, and any current report subsequent 
thereto, filed with the Commission pursuant to the Exchange Act, 
unless the manager knows or has reason to believe the information 
contained therein is inaccurate; and (ii) the fair market value of 
the short position in the section 13(f) securities is less than 
$1,000,000.
    Short sale has the meaning set forth in Rule 200 of Regulation 
SHO (17 CFR 242.200), and terms referenced in that provision shall 
have the same meaning as set forth in Regulation SHO; and short 
positions to be reported are those resulting from ``short sales'' as 
that term is defined in SEC Rule 200(a) of Regulation SHO.

    It is further ordered that, pursuant to our Section 12(k)(2) 
powers, the text of Form SH be as set forth in the attachment to this 
Order.
    This Order shall be effective at 12:01 a.m. EDT on September 22, 
2008, the first Form SH shall be required to be filed on September 29, 
2008, and this Order shall terminate at 11:59 p.m. on October 2, 2008 
unless further extended by the Commission.

    By the Commission.
J. Lynn Taylor,
Assistant Secretary.


UNITED STATES SECURITIES AND EXCHANGE COMMISSION, WASHINGTON, D.C. 
20549

FORM SH

INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO 
EMERGENCY ORDER, SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 58591, 
SEPTEMBER 18, 2008

GENERAL INSTRUCTIONS

    1. Rule as to Use of Form SH. Institutional investment managers 
(``Managers'') must use Form SH for reports to the Commission 
required by the Commission's Emergency Order, Securities Exchange 
Act of 1934 Release No. 58591, September 18, 2008 (``September 18, 
2008 Order''). The September 18, 2008 Order provides that every 
Manager that exercises investment discretion with respect to 
accounts holding section 13(f) securities, as defined in paragraph 
(c) of section 13(f) of the Securities Exchange Act of 1934 [15 
U.S.C. 78m(f)] (``Exchange Act''), who has filed or was required to 
file a Form 13F for the calendar quarter ended June 30, 2008, must 
file a report on Form SH with the Commission to report certain 
information about short sales and short positions. The Form SH 
filing must be made on the Monday (or, if Monday is a federal 
holiday, the first business day thereafter) of each calendar week 
immediately following a Form SH reporting period (i.e., the 
preceding Monday-Sunday, or seven calendar days) in which the 
Manager has entered into any new short positions or closed part or 
all of any short positions with respect to any section 13(f) 
securities except for any short position(s) for options (``SH Short 
Positions''). The Form SH will report SH Short Positions for the 
Monday-Sunday immediately preceding the Monday on which the Form SH 
is due to be filed.
    2. Rules to Prevent Duplicative Reporting. If two or more 
Managers, each of which is required by the September 18, 2008 Order 
to file a report on Form SH for the reporting period, exercise 
investment discretion with respect to the same securities, only one 
such Manager must include information in its reports on Form SH.
    A Manager having information that is required by the September 
18, 2008 Order to be reported on Form SH, and such information is 
reported by another Manager (or Managers), such Manager must 
identify the Manager(s) reporting on its behalf in the manner 
described in Special Instruction 6.
    3. Filing of Form SH. A Manager must file a Form SH report with 
the Commission on or before 5:30 p.m. Eastern Standard Time or 
Eastern Daylight Savings Time, whichever currently is in effect in 
Washington, DC (``Eastern Time'') on the Monday (or, if Monday is a 
federal holiday, the first business day thereafter) of each week 
immediately following the preceding seven calendar day period in 
which the Manager

[[Page 55177]]

has entered into any new SH Short Position(s) or closed part or all 
of any SH Short Position(s).
    4. Official List of Section 13(f) Securities. The official list 
of section 13(f) securities published by the Commission (the ``13F 
List'') lists the securities the holdings of which a Manager is to 
report on Form 13F. See rule 13f-1(c) [17 CFR 240.13f-1(c)]. Form SH 
filers may rely on the current 13F List in determining whether they 
need to report on Form SH information about any particular equity 
security, excluding short positions on options. The 13F List is 
available on the SEC's website, at http://www.sec.gov/divisions/
investment/13flists.htm. Paper copies are available at a reasonable 
fee from the Securities and Exchange Commission, Public Reference 
Room, 100 F Street, NE, Washington, DC 20549.

SPECIAL INSTRUCTIONS

    1. This form consists of three parts: the Form SH Cover Page 
(the ``Cover Page''), the Form SH Summary Page (the ``Summary 
Page''), and the Form SH Information Table (the ``Information 
Table'').
    2. When preparing the report, omit all bracketed text. Include 
brackets used to form check boxes.

The Cover Page:

    3. The period end date used in the report (and in the EDGAR 
submission header) is the Sunday before the Form SH is filed. The 
date should name the month, and express the day and year in Arabic 
numerals, with the year being a four-digit numeral (i.e., 2008).
    4. Amendments to a Form SH must either restate the Form SH in 
its entirety or include only entries that are being reported in 
addition to those already reported in a current public Form SH for 
the same period. If the Manager is filing the Form SH report as an 
amendment, then the Manager must check the amendment box on the 
Cover Page; enter the amendment number; and check the appropriate 
box to indicate whether the amendment (a) is a restatement or (b) 
adds new entries. Each amendment must include a complete Cover Page 
and, if applicable, a Summary Page and Information Table. Amendments 
must be filed sequentially.
    5. Present the Cover Page and the Summary Page information in 
the format and order provided in the form. The Cover Page may 
include information in addition to the required information, so long 
as the additional information does not, either by its nature, 
quantity, or manner of presentation, impede the understanding or 
presentation of the required information. Place all additional 
information after the signature of the person signing the report 
(immediately preceding the Report Type section). Do not include any 
additional information on the Summary Page or in the Information 
Table.
    6. Designate the Report Type for the Form SH by checking the 
appropriate box in the Report Type section of the Cover Page, and 
include, where applicable, the List of Other Managers Reporting for 
this Manager (on the Cover Page), the Summary Page and the 
Information Table, as follows:
    a. If all of the information that a Manager is required by the 
September 18, 2008 Order to report on Form SH is reported by another 
Manager (or Managers), check the box for Report Type ``FORM SH 
NOTICE,'' include (on the Cover Page) the List of Other Managers 
Reporting for this Manager, and omit both the Summary Page and the 
Information Table.
    b. If all of the information that a Manager is required by the 
September 18, 2008 Order to report on Form SH is reported in this 
report, check the box for Report Type ``FORM SH ENTRIES REPORT,'' 
omit from the Cover Page the List of Other Managers Reporting for 
this Manager, and include both the Summary Page and the Information 
Table.
    c. If only a part of the information that a Manager is required 
by the September 18, 2008 Order to report on Form SH is reported in 
this report, check the box for Report Type ``FORM SH COMBINATION 
REPORT,'' include (on the Cover Page) the List of Other Managers 
Reporting for this Manager, and include both the Summary Page and 
the Information Table.

Summary Page

    7. Include on the Summary Page the Report Summary, containing 
the Number of Other Included Managers, the Information Table Entry 
Total and the Information Table Value Total.
    a. Enter as the Number of Other Included Managers the total 
number of other Managers listed in the List of Other Included 
Managers on the Summary Page, not counting the Manager filing this 
report. See Special Instruction 8. If none, enter the number zero 
(``0'').
    b. Enter as the Information Table Entry Total the total number 
of line entries providing issuer information included in the 
Information Table.
    c. Enter as the Information Table Value Total the aggregate fair 
market value in U.S. dollars of all securities sold short during the 
reporting period that are reported in this report, i.e., the total 
for Column 5 (Value of Securities Sold Short (Day)) of all line 
entries in the Information Table. The Manager must express this 
total as a rounded figure, corresponding to the individual Column 4 
entries in the Information Table. See Special Instruction 9.
    8. Include on the Summary Page the List of Other Included 
Managers. Use the title, column headings and format provided.
    a. If this Form SH does not report the information that a 
Manager is required by the September 18, 2008 Order to report on 
Form SH of any Manager other than the Manager filing this report, 
enter the word ``NONE'' under the title and omit the column headings 
and list entries.
    b. If this Form SH reports the information that a Manager is 
required by the September 18, 2008 Order to report on Form SH of one 
or more Managers other than the Manager filing this report, enter in 
the List of Other Included Managers all such Managers together with 
their respective Form 13F file numbers, if known. (The Form 13F file 
numbers are assigned to Managers when they file their first Form 
13F.) Assign a number to each Manager in the List of Other Included 
Managers, and present the list in sequential order. The numbers need 
not be consecutive. The List of Other Managers cannot include the 
Manager filing this report.

Information Table

    9. In determining the fair market value of securities sold 
short, a Manager must use the market price of the section 13(f) 
securities as of the close of floor trading on the New York Stock 
Exchange (``NYSE'') for the day in question. If the securities are 
sold short on a non-business day, a Manager must use the market 
price of the section 13(f) securities as of the close of the NYSE 
for the most recent business day. Such market closing time shall be 
used to determine the price for all SH Short Positions, irrespective 
of which U.S. equity market the issuer trades on. Enter values 
rounded to the nearest one thousand dollars (with ``000'' omitted).
    10. Furnish the Information Table using the table title, column 
headings and format provided. Provide column headings once at the 
beginning of the Information Table; repetition of column headings on 
subsequent pages is not required. Present the table in accordance 
with the column instructions provided in Special Instructions 10.a.i 
through 10.a.viii. Do not include any additional information in the 
Information Table. Begin the Information Table on a new page; do not 
include any portion of the Information Table on either the Cover 
Page or the Summary Page.
    a. Instructions for each column in the Information Table:
    i. Column 1. Name of Issuer. Enter in Column 1 the name of the 
issuer as it appears in the current official list of Section 13(f) 
Securities published by the Commission in accordance with rule 13f-
1(c) (the ``13F List''). Reasonable abbreviations are permitted.
    ii. Column 2. CUSIP Number. Enter in Column 2 the nine (9) digit 
CUSIP number of the security for which information is being 
reported.
    iii. Column 3. Short Position (Start of Day). Enter in Column 3 
the number of securities that represent the Manager's short position 
in the issuer as of the start of each calendar day (or days, in the 
case of Saturday and Sunday) during the reporting period. The Short 
Position (Start of Day) for Monday, September 22, 2008 shall be 
zero.
    iv. Column 4. Number of Securities Sold Short (Day). Enter in 
Column 4 the aggregate number of securities in the issuer that the 
Manager sold short for each calendar day (or days, in the case of 
Saturday and Sunday) during the reporting period.
    v. Column 5. Value of Securities Sold Short (Day). Enter in 
Column 5 the market value in U.S. dollars of the number of 
securities reported in Column 4. In valuing such securities, use the 
fair market value for each security, as set forth in Special 
Instruction 9, supra.
    vi. Column 6. Short Position (End of Day). Enter in Column 6 the 
number of securities that represent the Manager's short position in 
the issuer as of the end each calendar day (or days, in the case of 
Saturday and Sunday) during the reporting period.
    vii. Column 7. Largest Intra-Day Short Position. Enter in Column 
7 the number of securities that represent the Manager's largest 
single short position in the issuer for each calendar day (or days, 
in the case of Saturday and Sunday) during the reporting period.

[[Page 55178]]

    viii. Column 8. Time of Day of Largest Intra-Day Short Position. 
Enter in Column 7 the time of day (Eastern Time) that the Manager 
had the largest single short position in the issuer, as reported in 
Column 7.
    11. Preparation of the electronic filing:
    a. No line on the Cover Page or the Summary Page may exceed 80 
characters in length. See rule 305 of Regulation S-T [17 CFR 
232.305].
    b. No line in the Form SH Information Table may exceed 132 
characters in length. See rule 305 of Regulation S-T [17 CFR 
232.305].
    c. If the Form SH Report Type is ``SH ENTRIES REPORT'' or ``SH 
COMBINATION REPORT,'' then place one EDGAR tag at the end of 
the Cover Page and one tag at the end of the Summary Page. 
Additional EDGAR tags are not required. Those electing to 
include additional tags should, for each page containing a 
tag, include no more than sixty (60) lines per page, 
including the line on which the tag is placed.
    d. In preparing the Form SH report for electronic filing, a 
Manager may omit underscoring used in the form to indicate the 
placement of information that the Manager is to furnish.
    e. Use the following EDGAR submission types for the following 
Form SH Report Types:

------------------------------------------------------------------------
          Form SH report type                 EDGAR submission type
------------------------------------------------------------------------
FORM SH ENTRIES REPORT:
    Initial Filing.....................  SH-ER.
    Amendments.........................  SH-ER/A.
FORM SH NOTICE:
    Initial Filing.....................  SH-NT.
    Amendments.........................  SH-NT/A.
FORM SH COMBINATION REPORT:
    Initial Filing.....................  SH-ER.
    Amendments.........................  SH-ER/A.
------------------------------------------------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Washington, DC 20549

FORM SH

FORM SH COVER PAGE

Report for the Period Ended:
-----------------------------------------------------------------------
[Month, Day, Year]

Check here if Amendment [ballot];
Amendment Number:------------------------------------------------------
This Amendment (Check only one):
[ballot] is a restatement.
[ballot] adds new entries.

Institutional Investment Manager Filing this Report:

Name:------------------------------------------------------------------
Address:---------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------

Form 13F File Number: 28-----------------------------------------------

The institutional investment manager filing this report and the 
person by whom it is signed hereby represent that the person signing 
the report is authorized to submit it, that all information 
contained herein is true, correct and complete, and that it is 
understood that all required items, statements, schedules, lists, 
and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:------------------------------------------------------------------
Title:-----------------------------------------------------------------
Phone:-----------------------------------------------------------------

Signature, Place, and Date of Signing:

-----------------------------------------------------------------------
[Signature]

-----------------------------------------------------------------------
[City, State]

-----------------------------------------------------------------------
[Date]

Report Type (Check only one):

[ballot] FORM SH ENTRIES REPORT. (Check here if all entries of this 
reporting manager are reported in this report.)

[ballot] FORM SH NOTICE. (Check here if no entries reported are in 
this report, and all entries are reported by other reporting 
manager(s).)

[ballot] FORM SH COMBINATION REPORT. (Check here if a portion of the 
entries for this reporting manager is reported in this report and a 
portion is reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number
28---------------------------------------------------------------------
Name-------------------------------------------------------------------
[Repeat as necessary.]

FORM SH SUMMARY PAGE

Report Summary:

Number of Other Included Managers:
-----------------------------------------------------------------------
Form SH Information Table Entry Total:
-----------------------------------------------------------------------
Form SH Information Table Value Total:
(thousands)------------------------------------------------------------

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) 
of all institutional investment managers with respect to which this 
Form SH report is filed, other than the manager filing this report.

[If there are no entries in this list, state ``NONE'' and omit the 
column headings and list entries.]
No.--------------------------------------------------------------------
Form 13F File Number Name
28---------------------------------------------------------------------
Name-------------------------------------------------------------------
[Repeat as necessary.]

                                                            FORM SH INFORMATION TABLE--PAGE 1
                                                               MONDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        position






[[Page 55179]]


                                                            FORM SH INFORMATION TABLE--PAGE 2
                                                               TUESDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        Position






                                                            FORM SH INFORMATION TABLE--PAGE 3
                                                              WEDNESDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        position






                                                            FORM SH INFORMATION TABLE--PAGE 4
                                                              THURSDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        position

                                          ..............  ..............  ..............  ..............  ..............  ..............  ..............




[[Page 55180]]


                                                            FORM SH INFORMATION TABLE--PAGE 5
                                                               FRIDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        position

                                          ..............  ..............  ..............  ..............  ..............  ..............  ..............




                                                            FORM SH INFORMATION TABLE--PAGE 6
                                                           SATURDAY-SUNDAY, [Month, Day, Year]

                                                                             Number of       Value of                                     Time of day of
                                                          Short position    securities      securities    Short position  Largest intra-  largest intra-
             Name of issuer                    CUSIP      (start of day)    sold short      sold short     (end of day)      day short       day short
                                                                               (day)           (day)                         position        position

                                          ..............  ..............  ..............  ..............  ..............  ..............  ..............






















[FR Doc. E8-22487 Filed 9-23-08; 8:45 am]

BILLING CODE 8010-01-P