The US Securities and Exchange Commission on Tuesday night extended an emergency order against abusive short-selling in a select group of financial stocks as it prepares new rule proposals to ban the practice across the entire market.

The emergency order, which bars so-called “naked short-selling” in shares of the mortgage financiers Fannie Mae and Freddie Mac and 17 banks, including big Wall Street firms, was due to expire late Tuesday night. It will now be in effect until August 12 and will not be further extended, the SEC said.