An order by the Securities and Exchange Commission prohibiting the short selling of stock for 799 financial companies includes more than three dozen insurers and one insurance brokerage firm.
The order, issued today by the SEC and the United Kingdom's Financial Services Authority, will prohibit short selling of the companies' stock "to protect the integrity and quality of the securities market and strengthen investor confidence."
"The commission is committed to using every weapon it its arsenal to combat market manipulation that threatens investors and capital markets," SEC Chairman Christopher Cox said in a statement.
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