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Summary of actions taken by each jurisdiction

Australia:

ASIC has banned all short selling of ASX-listed securities.

There is a limited exemption for market makers that engage in covered
short selling in these stocks.

ASIC will reassess its position in 30 days whether to allow covered
short selling of non-financial stocks.

Hong Kong:

The SFC has not changed its existing requirements with respect to short
selling, which include:

Naked short selling for Hong Kong-listed stocks is prohibited.

There is a disclosure requirement for covered short sales:  persons
seeking short sales must disclose this fact to the intermediary, who
will report it to the exchange.

Italy:

The CONSOB has issued a ban on covered short sales of shares listed and
traded on Italian regulated markets, 

The is an exemption for market makers, specialists and liquidity
providers.

Japan:

The JFSA has not changed its existing requirements with respect to short
selling, which include two requirements:

Uptick rule:  short sales at prices no higher than the latest market
price are prohibited.

Marking requirement:  broker-dealers are required to verify and mark
whether the transactions are short sales.

Canada (Ontario):

The OSC issued a temporary order to ban short selling (naked or covered)
of the securities of certain financial sector companies that are dually
listed on the TSX and US exchanges (with the exception of one issuer
whose shares are exchangeable).

This order has been updated to conform to the changes made by the SEC to
its order over the weekend.

The order expires on October 3.

There are exemptions available, including for market makers.

Switzerland:

The EBK issued a statement to remind market participants that naked
short sales in specified UK and Swiss financial stocks are not
permitted, either on their own behalf or on behalf of clients.

The SWX Europe issued a market order stating that the UK FSA’s order
prohibiting the creation of or increase in net short positions in the
securities of UK financial institutions listed in the UK will apply as
well to Swiss companies listed in the UK.  

Spain:

The CNMV issued a reminder to market participants that naked short
selling is not permitted.  

The CNMV now requires public disclosure of any net economic short
positions exceeding 0.25% of the capital of one of the financial
companies specified by the CNMV.

The CNMV also has stated that hiding short sales that should be publicly
disclosed and transmitting false information to the market about whether
a client is conducting a naked sale could be considered market
manipulation.

UK:

The FSA has prohibited an increase in or creation of net short positions
in the securities of UK financial institutions listed in the UK (this
includes naked an covered shot sales)

There is an exemption for persons acting as market makers.

The FSA requires daily disclosure of any net economic short positions
exceeding 0.25% of the capital of one of the financial companies listed
on UK exchanges.

United States:

The CFTC is not taking any action currently, but is monitoring the
markets.

The ban of the SEC on covered short sales of financial companies listed
in the United States expired on 8 October. The ban on naked short
selling has been extended to 17 October.

The SEC also is requiring large institutional money managers to disclose
their short sales in most US-listed securities and securities quoted on
an automated quotation system of a registered securities association. 
The money managers affected by this order are those that manage more
than $100 million in US publicly traded securities.  The information
will be non-public for two weeks, and then will be disclosed to the
public. 

France:

The AMF has prohibited short sales of shares in credit institutions and
insurance insurance companies traded on French regulated markets.

There is an exemption for certain investment service providers,
including market makers.

The AMF requires disclosure of any net economic short positions
exceeding 0.25% of the capital of one of the 15 banks and insurance
companies for which short sales are prohibited.

Germany:

The BaFIN has prohibited an increase in or creation of net short
positions in the shares (naked short selling) of 11 banks and insurance
companies listed on the DAX and MDAX.

There is a exemption for certain activities, including market makers. 

Mexico:

The CNBV already has in place a ban on naked short selling for the all
securities listed in Mexico.

The CNBV also has an uptick rule for short sales.

Portugal

The CMVM established that the members of Euronext and PEX should
refuse the short sales of shares and other relevant securities relating
to  financial firms listed on Euronext Lisbon.

The CMVM requires daily reporting to the CMVM of naked short sales by
members of Euronext Lisbon and PEX.

Belgium

The CBFA has banned short selling of financial instruments issued by
financial institutions traded on Euronext Brussels. 

There is an exemption for certain investment service providers,
including market makers.

The CBFA requires disclosure of any net economic short positions
exceeding 0.25% of the capital of the financial institutions concerned.

Greece

The Hellenic Capital Markets Commission has banned short selling of
shares listed on the Securities Market of the Athens Exchange.

Denmark

The Danish FSA has prohibited an increase in or creation of net short
positions in the shares which are admitted for trading on regulated
market and issued by banks licensed under section 7 of the Danish
Financial Business Act.

There is an exemption for market makers, for agreements to hedge risks,
including hedging carried out on the basis of a stock index, if the
hedging is in reasonable proportion to the risk. The prohibition does
neither apply to trading in own shares in buy-back programmes or to
financial instruments as part of the stabilization of the price of a
security.

Netherlands

The AFM has prohibited an increase in or creation of net short positions
in the securities of financial institutions listed on the Euronext
Amsterdam stock exchange.

There is an exemption for persons acting as market makers.

The AFM requires disclosure to the AFM of any net economic short
positions exceeding 0.25% of the capital of one of the financial
companies listed on the Euronext Amsterdam stock exchange.