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Alerts
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SEC Issues Guidance on Form SH
September 26, 2008
On Sept. 18, 2008, the Securities and Exchange Commission (“SEC” or “the Commission”) issued an Emergency Order prohibiting short sales of the publicly traded securities of identified financial firms and requiring that hedge funds and other market participants, who filed a Schedule 13F for the second quarter 2008, report their short sales during the week of Sept. 22 through Sept. 26 of all publicly held Section 13(f) securities by filing new Form SH with the SEC no later than 5:30 pm on Monday, Sept. 29, 2008. The Emergency Order contained a de minimis exclusion from the filing requirement for short positions established on or after Sept. 22 that constitute less than 0.25% of the issued and outstanding class of that Section 13(f) security and that have a fair market value less than $1 million.
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