Completion of the SEC’s Financial Short Sales Ban

October 7, 2008

On Friday, October 3, 2008, the President signed the Emergency Economic Stabilization Act of 2008. Accordingly, the SEC’s Emergency Order that prohibits persons from selling short the securities of financial institutions will expire at 11:59 p.m. ET on Wednesday, October 8, 2008. This does not affect the requirement that still exists for certain managers to report short sales positions on Form SH, nor does it affect the orders issued concerning naked short selling. Moreover, managers should be mindful of any applicable rules relating to short sales that still apply in other jurisdictions.

If you have any questions concerning the foregoing, please contact your primary attorney at Seward & Kissel.