Public Comments


The Securities and Exchange Commission (“Commission”) is adopting new Rule 13f-2 and new Form SHO pursuant to the Securities Exchange Act of 1934 (“Exchange Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”). The new rule and related form are designed to provide greater transparency through the publication of short sale-related data to investors and other market participants. Under the new rule, institutional investment managers that meet or exceed certain specified reporting thresholds are required to report, on a monthly basis using the related form, specified short position data and short activity data for equity securities. In addition, the Commission is adopting an amendment to the national market system (“NMS”) plan governing the consolidated audit trail (“CAT”) created pursuant to the Exchange Act to require the reporting of reliance on the bona fide market making exception in the Commission’s short sale rules. The Commission is publishing the text of the amendments to the NMS plan governing the CAT (“CAT NMS Plan”) in a separate notice.

Prior Actions

Proposed Rule (33-11117)

Notice Rule (34-98739)

Proposed Rule (34-94314)

Proposed Rule (34-94313)


File Number
Rule Type
Oct. 13, 2023
Effective Date

January 2, 2024

Compliance Date

Part VI of this release.

Document Citation

88 FR 75100