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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation? -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (3985)	11/21/2008 12:28:53 PM
From: The Ox	Respond to of 5034

Couldn't agree more, Hawk! we have to also include FASB 157

To: Hawkmoon who wrote (3985)	11/21/2008 1:28:35 PM
From: rrufff	1 Recommendation Read Replies (1) \| Respond to of 5034

Regulators to discuss short selling rules By Joanna Chung in New York Published: November 21 2008 01:04 \| Last updated: November 21 2008 01:04 Global securities regulators will gather on Monday to discuss rules on short selling and disclosure of credit derivatives, the head of the US Securities and Exchange Commission said on Thursday. Christopher Cox, SEC chairman, said the meeting, to be held via teleconfrerence, would address “urgent regulatory issues in the ongoing credit crisis.” “In addressing turbulent market conditions, it is essential not only that regulators act against securities law violations, including abusive short selling, but also that there be close coordination among international markets to avoid regulatory gaps and unintended consequences,” Mr Cox said in a statement on Thursday. The International Organization of Securities Commissions, which includes securities regulators from around the globe, will consider the effectiveness of their recent actions to reduce abusive short selling, without hurting legitimate shorting. Short sellers, who profit from price declines, have come under fire during the crisis, blamed for driving down share prices of vulnerable financial institutions. The SEC had temporarily put in place emergency measures barring short selling on financial institutions but they expired early last month. Other regulators have also installed rules banning short selling. Mr Cox said regulators will explore “possible coordination” on rules relating to naked short sales – when shares are sold without being borrowed first– in particular with regard to position reporting and delivery and pre-borrowing requirements. They will also discuss developing disclosure principles to promote transparency in over-the-counter markets for derivatives and other financial instruments. The meeting will also focus on credit rating agencies and international accounting standards. “This high-level coordination among international regulators will allow us to review the steps we have taken thus far and ensure that our ongoing and future actions are effective and mutually reinforcing,” Mr Cox said.