Release Date: July 16, 2008
Contact: Travis Larson, (202) 962-7357, email@example.com
SIFMA Statement on SEC Emergency Order
Washington, D.C., July 16, 2008 - The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement by Ira Hammerman, general counsel and senior managing director, regarding the Securities and Exchange Commission's (SEC) emergency order on short selling.
"SIFMA understands the SEC's objectives and supports their efforts both to enforce the law against illegal naked short selling and to root-out false rumors. Such behaviors simply cannot be countenanced.
"SIFMA has reviewed the SEC's order, and in consultation with our members, today approached the SEC with questions about its scope and application. We hope to solicit clarification on several important issues to ensure the market continues to operate smoothly and with the necessary liquidity."
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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members' interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.