2.  What is short selling?  Regulation – Historical, Current, Proposed  How does shorting affect the economy?

4.  Covered short  Naked short  Option short  Derivative methods of short

5.  Hedge Funds  Pension Funds and Insurance Companies  Market Makers  Investment Banks  Individuals

6.  Hedge  Speculate  Diversify  Market Manipulation

7.  What is short selling?  Regulation – Historical, Current, Proposed  How does shorting affect the economy?

8.  Securities Act of 1933 – Rule 144, 144A  Securities Exchange Act of 1934 – Rule 10a-1 “Tick Test”  Regulation M  Regulation T  Regulation SHO

9.  Great Britain – disclosure requirements  Hong Kong – eligibility requirements  Canada, Japan, HK – price restrictions  Aus, CA, Japan, HK – flagging  Japan – margin requirements

10.  SEC › Uptick › Circuit breakers  CESR › Pan-European Short Sell Disclosure Regime  IOSCO › 4 principles › Decrease regulatory arbitrage › Increase transparency

11.  What is short selling?  Regulation – Historical, Current, Proposed  How does shorting affect the economy?

12.  Media perspective  “Joe 6 Pack” perspective  CEO perspective  Analyst / economist perspective

13.  Market Abuse and Manipulation  Price Reversals  Aggressive Short Selling  Investor Confidence

14.  Naked Shorts  Outstanding Shorts  Stock Sales Volume  Shorts Overall ?  Media Attention  Investor Confidence  Counterparty Confidence