SEC bans shorts for financial firms (II)

News Brief

The SEC also issued anĀ emergency order suspending two prongs of 10b18, making it easier for companies to repurchase their shares. Until October 2, 2008, issuers can effect repurchases and still be within the safe harbor with these two modifications to 10b18:

1) the "time of purchase requirements" under (b)(2)(i), (b)(2)(ii) and (b)(2)(iiii) may be ignored; and

2) the volume limitation has been increased to 100% of ADTV

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Jim Fulton Partner, New York
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