Document ID: SEC-2008-1368-0001
Agency: sec
Document Type: Notice
Title: Order Extending Emergency Order Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934: Taking Temporary Action to Respond to Market Developments
Posted Date: 2008-10-07T04:00Z

[Federal Register: October 7, 2008 (Volume 73, Number 195)]
[Notices]               
[Page 58698]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07oc08-123]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 58703]

 
Order Extending Emergency Order Pursuant to Section 12(k)(2) of 
the Securities Exchange Act of 1934 Taking Temporary Action To Respond 
to Market Developments

October 1, 2008.
    On September 18, 2008, the Commission issued an Emergency Order 
pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 
(``Exchange Act'') (the ``Order'') temporarily broadening Exchange Act 
Rule 10b-18's safe harbor from liability for issuer repurchases in 
order to facilitate orderly markets.\1\ That Order became effective at 
12:01 a.m. E.D.T. on September 19, 2008, and is currently set to 
terminate at 11:59 p.m. E.D.T. on October 2, 2008.
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    \1\ Exchange Act Release No. 58588 (Sept. 18, 2008).
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    Pursuant to our authority under Section 12(k)(2)(C) of the Exchange 
Act, we are extending the Order. Section 12(k)(2)(C) authorizes the 
Commission to extend an emergency order issued pursuant to Section 
12(k)(2)(A) of the Exchange Act for a total effective period of up to 
30 calendar days, if the Commission finds that the emergency still 
exists and determines that an extension is necessary in the public 
interest and for the protection of investors to maintain fair and 
orderly securities markets.
    We have carefully reevaluated the current state of the markets and 
we remain concerned about 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. Issuer repurchases can represent an important source 
of liquidity during these times of market volatility. Thus, we have 
determined in this environment that the standards under Section 
12(k)(2) for extending the Order have been met. Accordingly, the 
Commission has determined that extending the Order is in the public 
interest and necessary to maintain fair and orderly securities markets 
and for the protection of investors.
    Therefore, it is ordered, pursuant to Section 12(k)(2)(C) of the 
Exchange Act, that the Order is extended such that it will terminate at 
11:59 p.m. E.D.T. on Friday, October 17, 2008.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-23613 Filed 10-6-08; 8:45 am]

BILLING CODE 8011-01-P