In an emergency action on September 18, 2008, the SEC said it would temporarily prohibit short selling in the shares of 799 financial companies to "protect the integrity and quality of the securities market and strengthen investor confidence."

The action, which was issued in Release No. 34-58592, was coordinated with the U.K.'s Financial Services Authority (FSA). The two regulatory agencies said they would work together to clamp down on short selling.