OUTLAWING GRAVITY PART 2: “TEMPORARY RELIEF”

The SEC release 34-58809, dated October 17th was just brought to our attention by our compliance department. It seems that NASDAQ has suspended the application of continued listing requirements related to the bid price and market value of shares until January 16, 2009.

According to the filing, “Nasdaq believes that this temporary suspension will permit companies to focus on running their business, rather than satisfying market-based requirements that are largely beyond their control in the current environment”.

As with the short sale ban, our immediate concern is that this type of temporary rule change carries the risk of unintended consequences that might dwarf the problems it was intended to relieve.

Andrew Barber
Director

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