Alert July 22, 2008

Special Edition Discussing Amendments to SEC’s Emergency Order Regarding Short Sales of Securities of Certain Financial Firms and Related Additional SEC Guidance Available on Goodwin Procter Website

Alert readers should have received a Special Edition discussing amendments issued by the SEC to clarify and provide certain relief regarding the Emergency Order (the “Order”) it issued on July 15, 2008 regarding “naked” short sales of the securities of 19 specified financial firms, including Fannie Mae and Freddie Mac.  The Order went into effect after midnight (EST) on Monday July 21, 2008 and continues until 11:59 pm (EST) Tuesday July 29, 2008, subject to extension by the SEC for up to 30 days. The Special Edition also examines additional guidance provided by the SEC staff along with the amendments in the form of Frequently Asked Questions regarding the Order.  The Special Edition is available here.