Securities and Exchange Commission November 1, 2023 – Federal Register Recent Federal Regulation Documents
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Notice of the Text of the Amendment to the National Market System Plan Governing the Consolidated Audit Trail for Purposes of Short Sale-Related Data Collection
The Securities and Exchange Commission (``Commission'') is publishing notice of the text of the adopted amendment to the National Market System Plan Governing the Consolidated Audit Trail (``CAT NMS Plan'') in connection with the Commission's issuance of Release No. 34- 98738, ``Short Position and Short Activity Reporting by Institutional Investment Managers'' (``Adopting Release''), published elsewhere in this issue of the Federal Register.
Short Position and Short Activity Reporting by Institutional Investment Managers
The Securities and Exchange Commission (``Commission'') is adopting a new rule 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.
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