REG 2008-36

SEC Emergency Order Amending Short Sale Rules - READ CAREFULLY AS RULES ARE IMMEDIATELY EFFECTIVE

The Securities and Exchange Commission ("SEC") today exercised its emergency powers under Section 12(k)(2) of the Securities Exchange Act of 1934 to adopt and amend certain rules designed to address "naked" short selling abuses and respond to market developments. The SEC order, which includes the rule text, is available online at http://www.sec.gov/rules/other/2008/34-58572.pdf.

All members are urged to review the SEC order carefully prior to the open of trading on September 18, 2008. The rule changes are immediately effective and impose significant new requirements and obligations.

Please direct any questions about this Notice to Rick Farber at 212-306-5310.