SEC Issues Emergency Ban on Short Selling of Financial Stocks, Requires Reports of Short Sale Activities in Other Stocks and Temporarily Relieves Restrictions on Corporate Buy-Back Programs

By: Jonathan S. Adler, Andrew B. Barkan, Daniel J. Bursky, Jessica Forbes, Stuart H. Gelfond, Valerie Ford Jacob, Carmen J. Lawrence, Michael A. Levitt, Terrance O’Malley, Paul D. Tropp, David A. Kanarek, Dixie L. Johnson, Karl A. Groskaufmanis, Vasiliki B. Tsaganos, Gabrielle Hirz, Neil Macleod, Richard A. Steinwurtzel, Joshua Wechsler

The Securities and Exchange Commission ("SEC") announced a trifecta of emergency orders on Friday, September 19, 2008, to address the rapidly unfolding and unprecedented market events, and market participants rushed to implement new procedures in compliance with those orders.

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