In light of the current market conditions, the Asset Management Group (“AMG”) of SIFMA will distribute a Daily Report which highlights important industry initiatives relevant to the business activities of asset managers. Please contact Douglas Taggart at dtaggart@sifma.org if you would like to add a colleague to this distribution list.

Congress Passes and President Signs the Emergency Economic Stabilization Act

President Bush has signed the Emergency Economic Stabilization Act, after the House voted to pass the revised version of the legislation that was backed by the Senate.

From SIFMA's Washington, D.C., Office: The Emergency Economic Stabilization Act (H.R.1424) establishes the Troubled Asset Relief Program (TARP), temporarily increases the deposit insurance limit, provides a one-year alternative minimum tax (AMT) relief and includes energy tax and tax extender provisions. Following a failed vote in the House earlier this week on legislation including only the TARP portion, the Senate approved an amended bill including an increase in the deposit insurance limit and the Senate-passed energy tax and tax extender package by a vote of 74-25. The House then approved the legislation by a vote of 263-171.

Click here to read a more about the Emergency Economic Stabilization in SIFMA's Washington Weekly

Click here to read Emergency Economic Stabilization Act (H.R.1424)

Click here to read a statement by Henry Paulson, Secretary of the Treasury

Click here to read a statement by Tim Ryan, President and CEO of SIFMA

SEC Division of Trading and Markets Statement on Short Selling

The SEC's Division of Trading and Markets today made the following statement:

"On Friday, October 3, 2008, the President signed the historic Emergency Economic Stabilization Act of 2008 (H.R. 1424), aimed at stemming the credit crisis. Accordingly, the Commission's Emergency Order that prohibits persons from selling short the securities of financial institutions will expire at 11:59 p.m. ET on Wednesday, October 8, 2008."

Click here to read the SEC statement

Click here to view recent releases relating to short selling

SIFMA has also created a web page related to short selling regulatory developments, click here to view the page.

Important Publications:
SIFMA SmartBrief (past five issues)
SIFMA Regulatory Update
SIFMA Washington Weekly