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FOR IMMEDIATE RELEASE 2001-91
SEC TAKES ACTION TO FACILITATE REOPENING
OF FAIR AND ORDERLY EQUITIES MARKETS
Washington, D.C. September 14, 2001 - The Commission today
announced that it has taken the following steps to
facilitate the planned reopening of U.S. equities markets on
Monday, September 17, 2001. These markets are the world's
strongest and most vibrant, in spite of the heinous acts of
last Tuesday.
The Commission has used, for the first time, its emergency
powers to ease certain regulatory restrictions temporarily.
The key actions are the following:
* Public companies may repurchase their own securities
without meeting the volume and timing restrictions that
ordinarily would apply.
* Public companies that repurchase their shares will not
have adverse accounting consequences.
* Brokerage firms may calculate net capital without
considering the days the market was closed.
* Mutual funds may borrow from and lend to related
parties.
* In order to facilitate mutual fund board meetings, the
Commission has relaxed requirements for in-person meetings.
* Accounting firms may provide bookkeeping services to
and help recover records for clients with offices in and
around the World Trade Center, without violating auditor
independence rules.
Copies of the orders and interpretive release are available
on the Commission's website, at www.sec.gov.
The SEC has placed additional information for investors
and market participants on its website, and established
information telephone lines for each. Investors can e-mail
questions to the SEC staff at help@xxxxxxxx The toll-free
investor telephone number is 1-800-SEC-0330. Firms seeking
additional relief under the Financial Responsibility Rules
should call the SEC staff at 202-942-7891, 202-942-7892 or
202-942-7893. All other firm inquiries should be directed
to 202-942-0069.
The Commission will monitor the situation. Investors
should be assured that U.S. markets will function
effectively and fairly, and that market and investor
protections are squarely in place. Market participants
should be assured that the Commission and its staff will be
available to respond to issues raised by the extraordinary
circumstances of this week.
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