On Friday, September 19, 2008, the Securities and Exchange Commission announced a trifecta of emergency orders that will remain in effect through October 2, 2008. The orders: 

This SecMail Alert describes the orders and provides some preliminary reactions as to their implications for market participants.

For more information on this subject matter, please see our Client Memorandum"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."