The U.S. Securities and Exchange Commission (SEC) announced on Feb. 25, 2022, that it has voted to propose changes that would increase the public availability of data on 澳洲幸运5官方开奖结果体彩网:short sales. The proposed new rule would require certain institutional investment managers to submit monthly reports on short sales. The SEC then would make aggregate data about large short positions, including daily short sale activity data, available to the public for each individual security.

In a press release, SEC Chair Gary Gensler stated: "Proposed Rule 13f-2 would make aggregate data about large short positions available to the public for individual equity securities. This would provide the public and market participants with more visibility into the behavior of large short sellers. The raw data reported to the Commission on a new Form SHO would help us to better oversee the markets and understand the role short selling may play in market events. It's important for the public and the Commission to know more about this important market, especially in times of stress or 澳洲幸运5官方开奖结果体彩网:volatility."

Proposed New Rule 13f-2

澳洲幸运5官方开奖结果体彩网:Securities Exchange Act Proposed Rule 13f-2 would require 澳洲幸运5官方开奖结果体彩网:institutional investment managers to report, on the Proposed Form SHO, information on end-of-the-month short positions and certain daily activity affecting these positions. The SEC would aggregate this data by security, maintaining the confidentiality of the reporting managers, and publicly release the data to all investors. This new data would supplement the short sale data that is currently publicly available from 澳洲幸运5官方开奖结果体彩网:Financial Industry Regulatory Auꩲtꦆhority (FINRA) and the 澳洲幸运5官方开奖结果体彩网:stock exchanges.

The SEC also voted to propose a new provision of 澳洲幸运5官方开奖结果体彩网:Regulation SHO, Rule 205, which would establish a new "澳洲幸运5官方开奖结果体彩网:buy to cover" order marking requirement for 澳洲幸运5官方开奖结果体彩网:broker-dealers. Regulation SHO is the SEC's primary short selling regulation. It requires broker-dealers to identify each sale order that it effects as either "long," "short," or "澳洲幸运5官方开奖结果体彩网:short exempt," but it does not currently have a corresponding requirement for purchase orders.

Proposed Rule 205 would require a broker-dealer to mark a purchase order as "buy to cover" if the purchaser has any short position in the same security at the time that the purchase order is entered. The SEC believes that this information would be very helpful in "reconstructing significant market events and identifying potentially abusive trading practices including 澳洲幸运5官方开奖结果体彩网:short squeezes."

Statement By SEC Chair Gary Gensler

SEC Chair Gary Gensler also issued a statement in conjunction with the press release about the proposed new rule on short sales. Highlights are quoted below.

"I am pleased to support this proposal because, if adopted, it would strengthen transparency of an important area of our markets that would benefit from greater visibility and oversight."

"After the 2008 澳洲幸运5官方开奖结果体彩网:financial crisis ... Congress directed the SEC to bring more transparency to short selling. Today's proposal would fulfill that mandate under Section 929X of the 澳洲幸运5官方开奖结果体彩网:Dodd-Frank Act."

"The proposal would apply to certain institutional investment managers who hold, in an equity security of a reporting issuer, a short position of at least $10 million or the equivalent of 2.5% or more of the total shares outstanding, or who hold, in an equity security of a non-reporting issuer, a short position of at least $500,000."

"Finally, we are reopening the comment file on our proposed rule on the 澳洲幸运5官方开奖结果体彩网:securities lending🀅 market, Proposed Rule 10c-1. The Commission voted to propose🌟 this rule in November, and we are reopening the comment period in light of the newly Proposed Rule 13f-2."

"Given past market events, it's important for the public and the Commission to know more about this important market, especially in times of stress or volatility. The proposed rule would help the Commission address future market events, striking a balance between the need for transparency and the 澳洲幸运5官方开奖结果体彩网:price discovery process."