On February 24, the SEC adopted a rule to place restrictions on short selling when a stock is experiencing significant downward pressure by enabling long sellers to sell before short sellers.  The rule: (i) introduces a circuit breaker that is triggered any day in which the price of a security declines by 10% or more, (ii) applies to short sales for that day and the following day, (iii) applies to all equity securities that are listed on a national exchange, and (iv) requires trading centers to have written policies designed to prevent execution or display of a prohibited short sale.  The rule will become effective 60 days after its publication in the Federal Register and market participants will have six months to comply with the requirements.  SEC Release.