SEC Adopts New Short Selling Rule

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On February 23, 2009, the Securities and Exchange Commission (the “SEC”) adopted a new short selling rule which places restrictions on the short selling of securities which experience a price decline of 10% or more in one day. In a press release regarding the adoption of the new “alternative uptick rule” (Rule 201,) the measure was described as one “intended to promote market stability and preserve investor confidence.”

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