SEC Issues Further Guidance Regarding Form SH

This article was originally published 25 September, 2008

On September 21, 2008, the SEC issued an Amended Emergency Order relating to certain institutional investment managers ("Manager" or "Managers") relating to their obligation to report their short sales of certain publicly traded securities on Form SH (the "Amended Order"). The original Emergency Order with respect to Form SH was issued on September 18, 2008 (the "Order"). The SEC has now released guidance ("FAQs") relating to such disclosure of short sales on Form SH. The FAQs provide important interpretive guidance related to Form SH, including helping to clarify a number of areas in the Order and Amended Order where there was a high degree of uncertainty. The first Form SH is required to be filed on Monday, September 29, 2008, reflecting short sales effected in "Section 13(f) Securities," i.e., those securities listed on the Official List of Section 13(f) Securities published by the Commission, other than