On October 13, 2023, the SEC adopted Rule 13f-2 under the Exchange Act requiring institutional investment managers that meet certain thresholds for short position and short activity data on a monthly basis to report to the SEC on new Form SHO. Rule 13f-2 requires these institutional investment managers to file a Form SHO within 14 days of the calendar month end regarding each equity security over which the institutional investment manager (or any person under the institutional investment manager’s control) has investment discretion with respect to a gross short position that meets or exceeds Rule 13f-2’s applicable reporting threshold. Specifically, for each such equity security, the institutional investment manager must file a Form SHO with information including (i) the end-of-month gross short position and (ii) for each individual settlement date during the calendar month, the net activity in the reported equity security. Each Form SHO will be accorded confidential treatment; however, the SEC plans to publish certain aggregated short sale related data with a one month delay. The SEC also adopted an amendment to the CAT NMS Plan governing the consolidated audit trail requiring CAT reporting firms to report, for the original receipt or origination of an order to sell an equity security, whether the order is a short sale effected by a market maker in connection with bona fide market making activities in the equity security for which the bona fide market making activities exception in Regulation SHO is claimed. The SEC also provides interpretative guidance on the scope of the “narrow” bona fide market making activities exception. Rule 13f-2, Form SHO and the amendment to the CAT National Market System Plan will become effective on January 2, 2024. The compliance date for Rule 13f-2 and Form SHO is January 2, 2025, with the SEC publishing aggregated short sale information beginning in April 2025. The compliance date for the amendment to the CAT NMS Plan is July 2, 2025.