SEC's Emergency Order on Short-Selling

The SEC issued an emergency order to enhance investor protections against "naked" short selling in the securities of Fannie Mae, Freddie Mac, and primary dealers at commercial and investment banks. The SEC's order will require that anyone effecting a short sale in these securities arrange beforehand to borrow the securities and deliver them at settlement. The order will take effect at 12:01 a.m. ET on Monday, July 21. In addition to this emergency order, the SEC will undertake a rulemaking to address these issues across the entire market.

The Commission's emergency order, pursuant to its authority under Section 12(k)(2) of the Securities Exchange Act of 1934, will be effective at 12:01 a.m. ET on July 21, 2008 and will terminate at 11:59 p.m. ET on July 29, 2008. The Commission may extend the order to continue it in effect thereafter if the Commission determines that the continuation of the order is necessary in the public interest and for the protection of investors, but for no more than 30 calendar days in total duration.

The securities identified in the Commission's order:

BNP Paribas Securities Corp.   
Bank of America Corporation   
Barclays PLC   
Citigroup Inc.   
Credit Suisse Group
Daiwa Securities Group Inc.   
Deutsche Bank Group AG   
Allianz SE   
Goldman, Sachs Group Inc   
Royal Bank ADS   
HSBC Holdings PLC ADS   
J. P. Morgan Chase & Co.   
Lehman Brothers Holdings Inc.   
Merrill Lynch & Co., Inc.   
Mizuho Financial Group, Inc.   
Morgan Stanley   
UBS AG   
Freddie Mac 
Fannie Mae