Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 13f-2-Short Position and Short Activity Reporting by Institutional Investment Managers

Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736

Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq. ), the Securities and Exchange Commission (SEC or "Commission") is soliciting comments on the existing collection of information provided for in Rule 13f-2 and related Form SHO (17 CFR 240.13f-2 and 17 CFR 249.332). The Commission plans to submit this existing collection of information to the Office of Management and Budget ("OMB") for extension and approval.

Rule 13f-2 is designed to fulfill the requirements of Exchange Act Section 13(f)(2) and provide greater transparency through the publication of certain short sale related data to investors and other market participants by requiring certain Institutional Investment Managers ("Managers") to report to the Commission, on a monthly basis on Form SHO, certain short position data and short activity data for certain equity securities. More information about the short sale activity and gross short positions of reporting Managers  ⁽¹⁾ may promote greater risk management among market participants, and may facilitate capital formation to the extent that greater transparency bolsters confidence in the markets.

Rule 13f-2 and Form SHO increase transparency regarding short position and short activity data to both market participants and regulators. Certain provisions of Rule 13f-2 and related Form SHO impose "collection of information" requirements within the meaning of the Paperwork Reduction Act of 1995 ("PRA"). Form SHO and the aggregated data published pursuant to Rule 13f-2 increase transparency and provide several important benefits to market participants and regulators. Such aggregated information helps inform market participants regarding the overall short sale activity by reporting Managers. The Commission's regular access to Form SHO data bolsters the Commission's oversight of short selling, as Rule 13f-2 and Form SHO improve the utility of information available to the Commission and other regulators. The short sale related information collected under Rule 13f-2 and Form SHO fill an information gap for market participants and regulators because the short position data reported pursuant to Rule 13f-2 on Form SHO supplements the short sale information that is currently publicly available from FINRA and the exchanges. The title for the information collections is "Short Position and Short Activity Reporting by Institutional Investment Managers."

There are approximately 1,000 respondents per year that require an aggregate total of approximately 269,808 hours to comply with Rule 13f-2 and related Form SHO. Each respondent makes an estimated 12 annual responses. Each response will take an estimated 20 hours to comply and 2 hours to file. Additionally, each month, the Commission estimates an additional 22 amended response. Thus, the total hour burden per year is approximately 269,808 hours. ⁽²⁾

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB Control Number.

The public may view and comment on this information collection request at: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-015 or email comment to [email protected] within 30 days of the day after publication of this notice, by November 2, 2026.

⁽¹⁾  As defined in Section 13(f)(6)(A) of the Exchange Act and for purposes of Rule 13f-2, "institutional investment manager" includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. As such, the term "institutional investment manager" typically can include investment advisers, banks, insurance companies, broker-dealers, pension funds and corporations.

⁽²⁾  Total annual burden 269,808 hours = 240,000 hours complying (1,000 respondents × 12 responses × 20 hours per response) plus 24,000 hours filing (1,000 respondents × 12 responses × 2 hours per response) plus 5,280 hours amending reports (22 respondents × 12 responses × 20 hours per response) plus 528 hours for amended filings (22 respondents × 12 responses × 2 hours per response).