Document ID: SEC-2008-1068-0001
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: 2008-08-04T04:00Z

[Federal Register: August 4, 2008 (Volume 73, Number 150)]
[Notices]               
[Page 45257]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04au08-74]                         

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SECURITIES AND EXCHANGE COMMISSION

[Securities Exchange Act of 1934; Release No. 58248/July 29, 2008]

 
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

    On July 15, 2008, the Commission issued an Emergency Order Pursuant 
to Section 12(k)(2) of the Securities Exchange Act of 1934 Taking 
Temporary Action to Respond to Market Developments (the ``Order'').\1\ 
That Order took effect on July 21, 2008 and applies to the publicly 
traded securities of the substantial financial firms identified in 
Appendix A to the Order. The Commission updated the Order by an 
amendment dated July 18, 2008.\2\ The Order, as amended (the 
``Emergency Order''), is currently set to terminate on July 29, 2008.
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    \1\ See Securities Exchange Act Release No. 58166 (July 15, 
2008).
    \2\ See Securities Exchange Act Release No. 58190 (July 18, 
2008).
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    Pursuant to its authority under Section 12(k)(2)(C) of the 
Securities Exchange Act of 1934 (``Exchange Act''), the Commission is 
extending the Emergency 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.
    The Commission has carefully reevaluated the current state of the 
markets in consultation with officials of the Board of Governors of the 
Federal Reserve System, the Department of the Treasury and the Federal 
Reserve Bank of New York. We note that the Board of Governors of the 
Federal Reserve System, in authorizing the creation of the temporary 
Primary Dealer Credit Facility (``PDCF''), was required to determine 
that ``unusual and exigent circumstances'' exist and that the PDCF 
remains available to the financial firms identified in Appendix A. The 
Commission continues to remain concerned about the ongoing threat of 
market disruption and effects on investor confidence, and has 
determined in this environment that the standards under Section 
12(k)(2) for extending the Emergency Order have been met. Accordingly, 
the Commission has determined that extending the Emergency Order is in 
the public interest and necessary to maintain fair and orderly 
securities markets and for the protection of investors. Following 
expiration of the Emergency Order, the Commission will proceed 
immediately to consideration of rulemaking, which would become 
effective after notice and comment.
    Therefore, it is ordered, pursuant to Section 12(k)(2)(C) of the 
Exchange Act, that the Emergency Order is extended such that it will 
terminate at 11:59 p.m. EDT on Tuesday, August 12, 2008.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-17759 Filed 8-1-08; 8:45 am]

BILLING CODE 8010-01-P