SEC Extends New Short Sale Rule Compliance Date

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On November 4, the Securities and Exchange Commission announced it will extend the date for compliance with the SEC’s new short sale rule to February 28, 2011. The extension was granted to give certain exchanges additional time to modify their market opening, reopening and closing procedures for individual securities covered by the rule, and in order to provide additional time to market participants for programming and testing of systems for implementation.

The new short sale rule will, in part, restrict the prices at which a stock can be sold short if the stock's price drops 10% or more in one day.

Please see article below.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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