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From Kirsten Bischoff, Opalesque New York:
After voting unanimously on Wednesday to move forward the process of evaluating the short sale price restrictions, the SEC opened up a 60-day period during which it will accept public comment on the proposed restrictions. “I would encourage anyone and everyone who ha a stake in these proposals and in this area to make their view point known to the SEC,” Mitchell Nichter, partner in the Investment Management Practice at international law firm Paul Hastings told Opalesque.
A statement released by the SEC said, “The Commission decided to re-evaluate the [equity short selling] issue due to extreme market conditions and the resulting deterioration in investor confidence.” However, there is worry within the finance industry that any possible future restrictions on short selling equities will be a knee jerk measure to appease investors upset about the current financial crisis.
"In the end, I think the uptick rule is a placebo for politicians who don't understand the deeper issues and want to say they've done something without sorting out the underlying problems of corporate malfeasance and poor management," Bradley Golding, Managing Director at Christofferson, Robb & Co told Reuters on Wednesday (Source).
The SEC is working to determine which of five possible short sale restrictions i...................... To view our full article Click here
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