55174 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 

SBIB STERLING BANCSHARES INC 

SBKC SECURITY BANK CORP 

SBNY SIGNATURE BANK NEW YORK N Y 

SBP SANTANDER BANCORP 

SBSI SOUTHSIDE BANCSHARES INC 

SCA SECURITY CAPITAL ASSURANCE 

LTD 

SCB COMMUNITY BANKSHARES INC S C 

SCBT S C B T FINANCIAL CORP 

SCHW SCHWAB CHARLES CORP NEW 

SCMF SOUTHERN COMMUNITY FINCL 

CORP 

SEAB SEABRIGHT INSURANCE 

HOLDINGS INC 

SF STIFEL FINANCIAL CORP 

SFG STANCORP FINANCIAL GROUP INC 

SFNC SIMMONS 1ST NATIONAL CORP 

SFST SOUTHERN FIRST BANCSHARES 

INC 

SGB SOUTHWEST GEORGIA FINANCIAL 

CORP 

SHG SHINHAN FINANCIAL GROUP CO 

LTD 

SIEB SIEBERT FINANCIAL CORP 

SIFI SI FINANCIAL GROUP INC 

SIGI SELECTIVE INSURANCE GROUP INC 

SIVB S V B FINANCIAL GROUP 

SLF SUN LIFE FINANCIAL INC 

SLM S L M CORP 

SMBC SOUTHERN MISSOURI BANCORP 

INC 

SMCG MILLENNIUM INDIA ACQUISIT CO 

INC 

SMHG SANDERS MORRIS HARRIS 

GROUP INC 

SMMF SUMMIT FINANCIAL GROUP INC 

SMTB SMITHTOWN BANCORP INC 

SNBC SUN BANCORP INC 

SNV SYNOVUS FINANCIAL CORP 

SOCB SOUTHCOAST FINANCIAL CORP 

SOMH SOMERSET HILLS BANCORP 

SONA SOUTHERN NATIONAL BANCORP 

VA INC 

SOV SOVEREIGN BANCORP INC 

SRCE 1ST SOURCE CORP 

SSBI SUMMIT STATE BANK 

SSBX SILVER STATE BANCORP 

SSFN STEWARDSHIP FINANCIAL CORP 

STBA S & T BANCORP INC 

STBC STATE BANCORP INC NY 

STBK STERLING BANKS INC 

STEL STELLARONE CORP 

STFC STATE AUTO FINANCIAL CORP 

STI SUNTRUST BANKS INC 

STL STERLING BANCORP 

STSA STERLING FINANCIAL CORP 

WASH 

STT STATE STREET CORP 

STU STUDENT LOAN CORP 

SUAI SPECIALTY UNDERWRITERS ALL 

INC 

SUBK SUFFOLK BANCORP 

SUFB SUFFOLK FIRST BANK VA 

SUPR SUPERIOR BANCORP 

SUR C N A SURETY CORP 

SUSQ SUSQUEHANNA BANCSHARES 

INC PA 

SVBI SEVERN BANCORP INC MD 

SWS S W S GROUP INC 

SYBT S Y BANCORP INC 

TAMB TAMALPAIS BANCORP 

TAQ TRANSFORMA ACQUISITION 

GROUP INC 

TAYC TAYLOR CAPITAL GROUP INC 

TBBK BANCORP INC 

TBHS BANK HOLDINGS THE 

TCB T C F FINANCIAL CORP 

TCBI TEXAS CAPITAL BANCSHARES INC 

TCBK TRICO BANCSHARES 

TCH 21ST CENTURY HOLDING CO 

TDBK TIDELANDS BANCSHARES INC 

TFIN TEAM FINANCIAL INC 

TFSL TFS FINANCIAL CORP 

TGIC TRIAD GUARANTY INC 

THFF FIRST FINANCIAL CORP IN 

THG HANOVER INSURANCE GROUP INC 

THRD T F FINANCIAL CORP 

TIBB T I B FINANCIAL CORP 

TIL TRANS INDIA ACQUISITION CORP 

TMCV TEMECULA VALLEY BANCORP 

INC 

TMK TORCHMARK CORP 

TMP TOMPKINS FINANCIAL CORP 

TNCC TENNESSEE COMMERCE 

BANCORP INC 

TOFC TOWER FINANCIAL CORP 

TONE TIERONE CORP 

TOWN TOWNEBANK 

TRH TRANSATLANTIC HOLDINGS INC 

TROW T ROWE PRICE GROUP INC 

TRST TRUSTCO BANK CORP NY 

TRUE CENTRUE FINANCIAL CORP NEW 

TRV TRAVELERS COMPANIES INC 

TSBK TIMBERLAND BANCORP INC 

TSFG SOUTH FINL GROUP INC 

TSH TECHE HOLDING CO 

TWGP TOWER GROUP INC 

TWPG THOMAS WEISEL PARTNERS 

GROUP INC 

UAM UNIVERSAL AMERICAN CORP 

UB UNIONBANCAL CORP 

UBCP UNITED BANCORP INC 

UBFO UNITED SECURITY BANKSHARES 

UBNK UNITED FINANCIAL BANCORP 

INC MD 

UBOH UNITED BANCSHARES INC 

UBS U B S AG 

UBSH UNION BANKSHARES CORP 

UBSI UNITED BANKSHARES INC 

UCBA UNITED COMMUNITY BANCORP 

UCBH U C B H HOLDINGS INC 

UCBI UNITED COMMUNITY BANKS INC 

GA 

UCFC UNITED COMMUNITY FINL CORP 

OHIO 

UFCS UNITED FIRE & CAS CO 

UMBF U M B FINANCIAL CORP 

UMPQ UMPQUA HOLDINGS CORP 

UNAM UNICO AMERICAN CORP 

UNB UNION BANKSHARES INC 

UNH UNITEDHEALTH GROUP INC 

UNIB UNIVERSITY BANCORP INC 

UNM UNUM GROUP 

UNTY UNITY BANCORP INC 

USB U S BANCORP DEL 

USBI UNITED SECURITY BANCSHARES 

INC 

UTR UNITRIN INC 

UVSP UNIVEST CORP OF 

PENNSYLVANIA 

UWBK UNITED WESTERN BANCORP INC 

VBFC VILLAGE BANK AND TRUST FINL 

CORP 

VCBI VIRGINIA COMMERCE BANCORP 

VIST V I S T FINACIAL CORP 

VLY VALLEY NATIONAL BANCORP 

VNBC VINEYARD NATIONAL BANCORP 

VPFG VIEWPOINT FINANCIAL GROUP 

VR VALIDUS HOLDINGS LTD 

VSBN V S B BANCORP INC NY 

VYFC VALLEY FINANCIAL CORP VA 

WABC WESTAMERICA 

BANCORPORATION 

WAIN WAINWRIGHT BANK & TRUST CO 

BOSTN 

WAL WESTERN ALLIANCE 

BANCORPORATION 

WASH WASHINGTON TRUST BANCORP 

INC 

WAUW WAUWATOSA HOLDINGS INC 

WAYN WAYNE SAVINGS BANCSHARES 

INC NEW 

WB WACHOVIA CORP 2ND NEW 

WBCO WASHINGTON BANKING 

COMPANY 

WBNK WACCAMAW BANKSHARES INC 

WBS WEBSTER FINL CORP WATERBURY 

CONN 

WCBO WEST COAST BANCORP ORE NEW 

WCG WELLCARE HEALTH PLANS INC 

WDR WADDELL & REED FINANCIAL INC 

WFBC WILLOW FINANCIAL BANCORP 

INC 

WFC WELLS FARGO & CO NEW 

WFD WESTFIELD FINANCIAL INC 

WFSL WASHINGTON FEDERAL INC 

WGNB W G N B CORP 

WHG WESTWOOD HOLDINGS GROUP 

INC 

WHI W HOLDING CO INC 

WIBC WILSHIRE BANCORP INC 

WL WILMINGTON TRUST CORP 

WLP WELLPOINT INC 

WM WASHINGTON MUTUAL INC 

WPL STEWART W P & CO LTD 

WRB BERKLEY W R CORP 

WSB W S B HOLDINGS INC 

WSBC WESBANCO INC 

WSFG W S B FINANCIAL GROUP 

WSFS WSFS FINANCIAL CORP 

WTBA WEST BANCORPORATION INC 

WTFC WINTRUST FINANCIAL 

CORPORATION 

WTM WHITE MOUNTAINS INS GROUP 

INC 

WTNY WHITNEY HOLDING CORP 

WVFC WVS FINANCIAL CORP 

XL X L CAPITAL LTD 

Y ALLEGHANY CORP DE 

YAVY YADKIN VALLEY FINANCIAL 

CORP 

ZION ZIONS BANCORP 

ZNT ZENITH NATIONAL INSURANCE 

CORP 

[FR Doc. E8–22369 Filed 9–23–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58588] 

Emergency Order Pursuant to Section 

12(k)(2) of the Securities Exchange Act 

of 1934 Taking Temporary Action To 

Respond to Market Developments 

September 18, 2008. 

The Commission is aware of the 

continued potential of sudden and 

excessive fluctuations of securities 

prices and disruption in the functioning 

of the securities markets that could 

threaten fair and orderly markets. Given 

the importance of confidence in our 

financial markets as a whole, we have 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 55175 

1This finding of an ‘‘emergency’’ is solely for 

purposes of Section 12(k)(2) of the Exchange Act 

and is not intended to have any other effect or 

meaning or to confer any right or impose any 

obligation other than set forth in this Order. 

1See Exchange Act Release No. 58166 (July 15, 

2008), Exchange Act Release No. 58572 (September 

17, 2008). 

2This finding of an ‘‘emergency’’ is solely for 

purposes of Section 12(k)(2) of the Exchange Act 

and is not intended to have any other effect or 

meaning or to confer any right or impose any 

obligation other than set forth in this Order. 3The term ‘‘investment discretion’’ has the same 

meaning as in Exchange Act Rule 13f–1(b). See 17 

CFR 240.13f–1(b). 

4The term ‘‘section 13(f) securities’’ has the same 

meaning as in Exchange Act Rule 13f–1(c). See 17 

CFR 240.13f–1(c). 

also become concerned about sudden 

and unexplained declines in the prices 

of securities. Such price declines can 

give rise to questions about the 

underlying financial condition of an 

issuer, which in turn can create a crisis 

of confidence without a fundamental 

underlying basis. This crisis of 

confidence can impair the liquidity and 

ultimate viability of an issuer, with 

potentially broad market consequences. 

As a result of these recent 

developments, the Commission 

concluded that there continues to exist 

the potential of sudden and excessive 

fluctuations of securities prices 

generally and disruption in the 

functioning of the securities markets 

that could threaten fair and orderly 

markets. Based on this conclusion, the 

Commission is exercising its powers 

under Section 12(k)(2) of the Securities 

Exchange Act of 1934.1 Pursuant to 

Section 12(k)(2), in appropriate 

circumstances the Commission may 

issue summarily an order to alter, 

supplement, suspend, or impose 

requirements or restrictions with respect 

to matters or actions subject to 

regulation by the Commission. 

We have determined that issuer 

repurchases can represent an important 

source of liquidity during times of 

market volatility. Exchange Act Rule 

10b–18 provides issuers with a safe 

harbor to effect repurchases within 

certain conditions. Historically, issuers 

generally have been reluctant to 

undertake repurchases without the 

certainty that their repurchases come 

within the safe harbor. Temporarily 

altering the timing and volume 

conditions in the safe harbor will 

provide additional flexibility and 

certainty to issuers that consider 

executing repurchases during the 

current market conditions. In these 

unusual and extraordinary 

circumstances, we believe altering the 

timing and volume conditions in 

Exchange Act Rule 10b–18 is necessary 

in the public interest and for the 

protection of investors to maintain fair 

and orderly securities markets, and to 

prevent substantial disruption in the 

securities markets. 

It is ordered, pursuant to our Section 

12(k)(2) powers, that: 

In connection with a Rule 10b–18 

purchase or with a Rule 10b–18 bid that 

is made during the period covered by 

this Order by the use of any means or 

instrumentality of interstate commerce 

or of the mails, or of any facility of any 

national securities exchange, an issuer, 

or an affiliated purchaser of the issuer, 

shall not be deemed to have violated 

Section 9(a)(2) of the Exchange Act or 

Rule 10b–5 under the Exchange Act, 

solely by reason of the time or price at 

which its Rule 10b–18 bids or Rule 10b– 

18 purchases are made or the amount of 

such bids or purchases or the number of 

brokers or dealers used in connection 

with such bids or purchases if the issuer 

or affiliated purchaser of the issuer 

meets all of the conditions in Rule 10b– 

18 with the exception that: 

(i) The time of purchases condition in 

paragraphs (b)(2)(i), (b)(2)(ii), and 

(b)(2)(iii) of Exchange Act Rule 10b–18 

is suspended; and 

(ii) The volume of purchases 

condition in paragraph (b)(4) of 

Exchange Act Rule 10b–18 is modified 

so that the amount of Rule 10b–18 

purchases must not exceed 100 percent 

of the ADTV for the security. 

All other provisions of Exchange Act 

Rule 10b–18, including the manner and 

price of purchase conditions of 

paragraphs (b)(1) and (b)(3), are not 

altered by this order. Terms used in this 

order have the same meanings as those 

terms used in Exchange Act Rule 10b– 

18 unless stated otherwise. 

This Order shall be effective at 12:01 

a.m. EDT on September 19, 2008, and 

shall terminate at 11:59 p.m. on October 

2, 2008 unless further extended by the 

Commission. 

By the Commission. 

J. Lynn Taylor, 

Assistant Secretary. 

[FR Doc. E8–22370 Filed 9–23–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 58591] 

Securities Exchange Act of 1934; 

Emergency Order Pursuant to Section 

12(k)(2) of the Securities Exchange Act 

of 1934 Taking Temporary Action To 

Respond to Market Developments 

September 18, 2008. 

The Commission is aware of the 

continued potential of sudden and 

excessive fluctuations of securities 

prices and disruption in the functioning 

of the securities markets that could 

threaten fair and orderly markets. As 

evidenced by our recent publication of 

emergency orders under Section 12(k) of 

the Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 we are concerned 

about the possible unnecessary or 

artificial price movements based on 

unfounded rumors regarding the 

stability of financial institutions and 

other issuers exacerbated by short 

selling. We also believe that some 

persons may take advantage of issuers 

that have become temporarily weakened 

by current market conditions to engage 

in inappropriate short selling in the 

securities of such issuers. 

Given the importance of confidence in 

our financial markets as a whole, we 

have become concerned about sudden 

and unexplained declines in the prices 

of securities. Such price declines can 

give rise to questions about the 

underlying financial condition of an 

issuer, which in turn can create a crisis 

of confidence without a fundamental 

underlying basis. This crisis of 

confidence can impair the liquidity and 

ultimate viability of an issuer, with 

potentially broad market consequences. 

As a result of these recent 

developments, the Commission 

concluded that there continues to exist 

the potential of sudden and excessive 

fluctuations of securities prices 

generally and disruption in the 

functioning of the securities markets 

that could threaten fair and orderly 

markets. Based on this conclusion, the 

Commission is exercising its powers 

under Section 12(k)(2) of the Exchange 

Act.2 Pursuant to Section 12(k)(2), in 

appropriate circumstances the 

Commission may by order summarily 

take action to alter, supplement, 

suspend, or impose requirements or 

restrictions with respect to matters or 

actions subject to regulation by the 

Commission. 

We have concluded that it is 

necessary to require certain institutional 

investment managers to report 

information concerning daily short sales 

of securities. For purposes of this Order, 

we believe that section 13(f) of the 

Exchange Act and Rule 13f–1 provide 

useful and tested terms and definitions 

that provide a basis for requiring new 

disclosure. The Order therefore requires 

that an institutional investment manager 

that exercises investment discretion 3

with respect to accounts holding section 

13(f) securities 4 having an aggregate fair 

market value on the last trading day of 

any month of any calendar year of at 


jlentini on PROD1PC65 with NOTICES