Comment on Alt Uptick Rule 081909 template

Investment Management Alert August 2009 Authors: SEC Seeks Comment on Alternative Uptick Kay A. Gordon Rule Proposal kay.gordon@klgates.com +1.212.536.4038 On August 17, 2009, the U.S. Securities and Exchange Commission (the “SEC”) announced that it is seeking public comment on an alternative approach to its April Mark D. Perlow 2009 proposals for short sale price test restrictions, which would permit short sales mark.perlow@klgates.com only at an increment above the national best bid (the “Alternative Uptick Rule”). +1.415.249.1070 Although the initial comment period for the April proposals ended on June 19, 2009, the SEC announced that the comment period will be extended for 30 days from Richard Guidice, Jr. August 20, 2009 (i.e., the date on which the Alternative Uptick Rule proposal is richard.guidice@klgates.com expected to be published in the Federal Register) in order to receive input on the +1.212.536.3982 proposed Alternative Uptick Rule. The SEC believes that the Alternative Uptick Rule may be more easily implemented than its April 2009 proposals regarding price test restrictions on short sales (the K&L Gates is a global law firm with lawyers in 33 offices located in North “April 2009 Proposals”). Under the first approach in the April 2009 Proposals, one America, Europe, Asia and the Middle of two alternative “uptick” rules would apply on a permanent, market-wide basis and East, and represents numerous GLOBAL 500, FORTUNE ...