How are people supposed to invest in an environment like this? The rules are changing every day? Memo to Chris Cox…get it together.
The SEC issued “Amended Rules” to the rules it changed Friday without notice. Couldn’t we take a day or two and issue a order that did not need to be altered twice in 48 hours after it was issued? Too much to ask?
Washington, D.C., Sept. 21, 2008 — The U.S. Securities and Exchange Commission today approved amendments to its emergency order of September 18 (Release No. 58591) requiring that certain institutional money managers report their new short sales of certain publicly traded securities.
Additional Materials
* Amended Order Requiring Institutional Money Managers to Report New Short Sales
* Form SH (revised)
* Form SH Instructions (revised)
In addition to making technical amendments, the revised order also provides that the information disclosed by investment managers on new Form SH will be nonpublic initially, but will be made available to the public via the Commission’s EDGAR website two weeks after it is electronically filed with the Commission.
The amended order will take effect at 12:01 a.m. EDT on Monday, Sept. 22, 2008.
Under the order, covered institutional money managers will be required to report any new short selling in all equity securities, except options, that are admitted for trading on a national securities exchange or quoted on the automated quotation system of a registered securities association. If any new short sales are effected on September 22 through September 27, the managers are required to submit a report on new Form SH to the Commission on Sept. 29, 2008. These managers are already required to report their long positions in these securities on Form 13F.
The Commission may extend the emergency order beyond its current effective period of 10 business days if it deems an extension necessary in the public interest and for the protection of investors, but will not extend the order for more than 30 calendar days in total duration.
Disclosure (“none” means no position):Disdain for Chris Cox
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