This article was originally published 22 September, 2008
The Securities and Exchange Commission (the "SEC") has amended its emergency order of September 18, 2008 (the "Order") requiring that certain institutional investment managers ("Manager" or "Managers") report their short sales of certain publicly traded securities (the "Amended Order"). The SEC has also amended the Form SH Instructions and the Form SH.
As with the initial Order regarding short sale reporting, the Amended Order requires that, effective September 22, 2008, a Manager who has filed, or was required to file, a Form 13F for the calendar quarter ended June 30, 2008 under section 13(f) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 13f-1(a) must file a report with the SEC on the revised Form SH on the first business day of every calendar week immediately following the week in which the Manager effects short sales in any section 13(f) security that is not an option. The first Form SH shall therefore be required to be filed on September 29, 2008. The Order shall terminate at 11:59 p.m. on October 2, 2008, unless extended by the SEC.
The information required to be reported on the Form SH includes: (i) the number and value of section 13(f) securities that are not options sold short during the day; (ii) the opening short position; (iii) the closing short position; (iv) the largest intraday short position; (v) and time of largest intraday short position, for each security on each calendar day of the prior week in which the Manager engaged in trading activity with respect to short sales.
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