On February 7th, the SEC provided a temporary exemption from both compliance with Rule 13f-2 under the Securities Exchange Act and reporting on Form SHO. As a result of the exemption, filings on initial Form SHO reports from institutional investment managers that meet or exceed certain specified thresholds will be due by February 17, 2026, for the January 2026 reporting period. The effective date for Rule 13f-2 and Form SHO was January 2, 2024, and the compliance date for the rule and form was January 2, 2025, with initial Form SHO filings originally due by February 14, 2025.
Under Rule 13f-2, institutional investment managers that meet or exceed specific thresholds are required to file Form SHO via the SEC’s EDGAR system within 14 calendar days after the end of each calendar month regarding certain equity securities. As the SEC compiles what it determines to be accurate, complete and helpful data, it will release certain information concerning each equity security reported by institutional investment managers on Form SHO and filed with the SEC.
The SEC has stated the importance of enhancing disclosure practices related to short selling and that the accuracy of the short sale-related data that would be provided to investors would be improved by allowing institutional investment managers additional time. This exemption provides filers with adequate time to implement the technical modifications required for compliance according to standards released in December 2024, complete implementation of system builds and testing, and work with SEC staff to address any outstanding operational and compliance questions.
The following are helpful resources and SRO disclosure information:
- Links to short sale data provided by specific SROs are available on Investor.gov
- SROs publish monthly statistics on short interest in securities that trade on their markets
- SROs provide on their websites daily aggregate short selling volume information for individual equity securities
- SROs provide, on a one-month delayed basis, website disclosure of information pertaining to individual short sale transactions in all exchange-listed equity securities
- The SEC publishes on its website failures to deliver data for all equity securities, regardless of the failure level, twice per month
Source:
Exemption From Exchange Act Rule 13f-2 and Related Form SHO (sec.org)
