SEC adopted Short Sell Disclosure Rule 13f-2 on October 13, 2023 under the Exchange Act and it will go live on 2 January 2025. The purpose for the rule aims to increase transparency around short selling activities.
Institutional investment managers (Managers) that exercise investment discretion over client assets (including mutual funds, ETFs and closed-end funds), banks, pension fund managers, brokers-dealers, insurance companies (managing corporate or employee investment assets) and investment advisers particularly those managing hedge funds and meet specific thresholds for short position and short activity have to report to the SEC on a new Form SHO within 14 calendar days after the end of each calendar month. Furthermore, institutional investment managers may include Managers globally with short position/transaction in US.
Specifically, the scope of reported securities covers each equity security that is of a class of securities that is registered pursuant to Section 12 of the Exchange Act or for which the issuer of that class of securities is required to file reports pursuant to Section 15(d) of the Exchange Act (“Reporting Company Issuer”) and each equity security that is of a class of securities of an issuer that is not a Reporting Company Issuer.
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