Securities and Exchange Commission: Disclosure of Short Sales and Short Positions by Institutional Investment Managers
GAO-09-137R: Oct 28, 2008
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) new rule on disclosure of short sales and short positions by institutional investment managers. GAO found that (1) the rule adopts Exchange Act Rule 10a3T which requires institutional investment managers that exercise investment discretion with respect to accounts holding section 13(f) securities having an aggregate fair market value of at least $100 million to file Form SH with the Commission following a calendar week in which it effected a short sale in a section 13(f) security, with some exceptions; and (2) SEC complied with applicable requirements in promulgating the rule.