falling share price, page-24

Aussie Govt Set To Unveil Short Selling Laws

2305 GMT [Dow Jones] Australian Corporate Law Minister Nick Sherry, Acting Treasurer
Lindsay Tanner expected to discuss short-selling legislation, reforms to the regulation
of credit ratings agencies at press conference called for 2345 GMT, person familiar with
matter says. Australia already has draft legislation underway that'd require covered
short-selling transactions to be disclosed to market, but may extend that legislation to
ban naked short selling - where seller doesn't have agreement in place to borrow
shares that it has sold, person says. Industry insiders say a temporary ban on all types
of short-selling by ASIC, which runs to Nov. 18, is chipping away at Australia's
reputation as a developed market; market participants likely wouldn't welcome any
moves by government to legislate any permanent short-selling freeze.