The SEC's extension Wednesday was silent, however, on the issue of the up-tick rule, which was a rule abolished last year that forced traders to wait for a stock to tick up before shorting it.

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Irish Premier Bertie Ahern has said he hopes the GAA's controversial Rule 21 will be abolished.

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In the summer of 2007 the commission abolished the uptick rule, which held that a stock couldn't be shorted unless it had gone up in price.

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Mr Li of Brookings and Fu Hualing of the University of Hong Kong believe that the system of political-legal committees will eventually be abolished as a step towards the rule of law.

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