This article was originally published 17 October, 2008

On October 15, 2008, the Securities and Exchange Commission (the "SEC") adopted an interim final temporary rule under the Securities and Exchange Act of 1934 (the "Exchange Act"), Rule 10a-3T (the "Rule). This Rule revises and extends the short sale and short position reporting requirements established by the SEC's emergency orders of September 18, 2008, September 21, 2008 and October 2, 2008 (each, an "Emergency Order," and collectively, the "Emergency Orders").We previously issued Client Updates discussing the Emergency Orders and the resulting short sale and short position disclosure requirements. The Rule also provides for a revised Form SH for reporting short sales and short positions.

The Rule is immediately effective in order to ensure that there is no gap between the reporting obligations under the Emergency Orders and the reporting obligations as established by the Rule. The Rule extends the short sale and short position reporting requirements until August 1, 2009. The SEC will consider public comments on the Rule and Form SH to determine whether revisions to the Rule or Form SH are necessary, as well as whether a longer-term or permanent short sale reporting requirement should be instituted upon expiration of the Rule and Form SH on August 1, 2009.

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This article has been prepared by Sidley Austin LLP for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Readers should not act upon this without seeking professional counsel.