INTERNATIONAL: National Fund Associations Advocate Sensible Short Selling Regulatory Regime

Tuesday January 6 2009

The Investment Management Association (IMA), Investment Company Institute (ICI) and the Investment and Financial Services Association (IFSA) (the ‘Associations’) have today jointly emphasized their support of sensible regulatory oversight of short selling. Further the Associations, who collectively represent US$15.54 trillion of assets under management, have recommended a sensible global response to regulatory reform in this area.

The Associations are committed to supporting regulatory reform in an attempt to improve investor confidence and advise that the development of the regulatory regime is critical to aid this confidence and promote stability.

The Associations have warned that it is essential that the regulatory regime adequately protect confidentiality of the data provided to regulators and that public disclosure should be designed to promote market confidence and not to facilitate trading strategies.

There will be continued cooperation with the government, the regulators and the International Organization of Securities Commissions (IOSCO) regarding this development of a sensible short selling regulatory regime.

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