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GAO-09-137R 1 (2008-10-28)

handle is hein.gao/gaobadwvf0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317337 October 28, 2008 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Disclosure of Short Sales and Short Positions by Institutional Investment Managers Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Disclosure of Short Sales and Short Positions by Institutional Investment Managers (RIN: 3235-AK23). We received the rule on October 16, 2008. It was published in the Federal Registeras an interim final temporary rule; request for comments on October 17, 2008. 73 Fed. Reg. 61,678. The interim final temporary rule adopts Exchange Act Rule 10a-3T which requires institutional investment mangers 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. The interim final temporary rule became effective on October 18, 2008. The Commission found good cause for the rule to become immediately effective notwithstanding the requirement of the Congressional Review Act that major rules not become effective until 60 days after publication or receipt by Congress. 5 U.S.C. § 808(2). The interim final temporary rule will be effective until August 1, 2009. GAO-09-137R

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