The SEC announced new short selling rules on September 17 followed almost immediately, on September 18, with emergency orders prohibiting the short selling of more then 1,000 stocks (a number that is still rising) and requiring weekly public disclosure of daily short positions.

MFA immediately called Chairman Cox and Secretary Paulson and launched a campaign to meet and hold calls with Members of Congress and their staffs, and SEC and Treasury staffs.Within a short period of time, MFA was able to secure amendments to the disclosure order – the SEC agreed to keep the detailed short position data confidential for two weeks – and to finalize its letter to Chairman Cox stating opposition to the rules and strongly urging the Commission to keep short position data confidential permanently.

In addition, MFA launched a media relations campaign, including a press briefing, news releases and calls to top reporters and editorial boards.

MFA also developed a “Write a Letter to Congress” campaign and provided a web-based tool to facilitate letter writing for its members and their investors.

MFA's Response to the Emergency Orders:

10.15.2008

MFA sent a letter to SEC Chairman Christopher Cox with recommendations in response to the Commission’s concern that short selling of the stock of certain financial companies may be causing sudden and excessive fluctuations of the prices of such securities in such a manner so as to threaten fair and orderly markets.

9.22.2008		MFA announced today that it sent a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox on Sunday urging the Commission to amend the emergency orders it enacted on September 18th that ban short selling in 799 financial companies and require institutional investment managers to report on a weekly basis their daily short positions.
9.21.2008		MFA’s comment letter to the SEC on the emergency orders to ban short sales.
9.19.2008		MFA announced its opposition to the SEC’s dramatic step of enacting a temporary emergency ban on short selling in 799 financial companies and a temporary emergency order requiring institutional investment managers to report on a weekly basis their daily short positions. AIMA said in a news release today that the "Hedge Fund Industry Supports Achieving Stability in Markets, Cautions against Longer-Term Consequences of Short-Selling Rules."

For more detailed information, please follow the links below:

• SEC Emergency Orders and Rules
  
  
• Exchange Lists of Securities Subject to SEC Ban and Related Information
  
  
• SEC Form SH and Instructions
  
  
• SEC Press Statements
  
  
• SEC Guidance
  
  
• Global Regulators