Yesterday's release addresses, among other things, three emergency orders that we described in previous Client Alerts, including:

• Short Sale Prohibition.  An emergency order issued September 18, 2008 prohibits anyone other than certain market makers from selling short the securities of designated financial institutions (discussed in our September 19, 2008, Client Alert).  Yesterday's release announced that this order will remain in effect until three days after the enactment of emergency economic legislation under discussion in Congress but in any event will expire not later than October 17, 2008.

• Weekly Short Sale Reporting.  Another emergency order issued September 18, 2008 (as clarified and amended in the SEC's release on September 21, 2008), requires the weekly reporting on Forms SH of daily short selling activity (discussed in our September 19 & 22, 2008, Client Alerts).  Yesterday's release announced that this order will also be extended through October 17, 2008 and added that it will continue in effect beyond that date in the form of an "interim final rule."  In a departure from the previous releases, the release extending the order states that Forms SH filed under the order (including those that were due on September 29, 2008) will not be publicly available.

• Securities Delivery Requirement.  An emergency order issued September 17, 2008, requires that securities sold short be delivered on T+3 and that, if they are not, the short position be closed out immediately (discussed in our September 18, 2008, Client Alert).  Yesterday's release announced that this emergency order, also set to expire after October 17, 2008, will likewise remain in effect after that date in the form of an interim final rule.

As noted, it appears the SEC intends for some of these emergency orders, or some form of them, to become permanent rules.  The SEC has stated that, as it takes that step, it will seek public input on the rules.  In connection with that, we would hope to consider what type of constructive feedback to the SEC may be in order and whether a comment letter may be useful.  Toward that end, we are interested in your thoughts, views, and concerns about the disclosure requirement and other aspects of the emergency orders and invite you to call any of us to discuss.