On February 7, 2025, the SEC issued a one-year exemption from compliance with new Rule 13f‑2 under the Securities Exchange Act of 1934 and related reporting on new Form SHO.  The SEC adopted Rule 13f-2 and the Form SHO reporting requirements on October 13, 2023, requiring institutional investment managers to file confidential monthly reports with the SEC on Form SHO regarding certain short sale activity and positions for which the manager exercises investment discretion. Prior to the exemption, the compliance date for Rule 13f-2 and the Form SHO reporting was January 2, 2025, with initial Form SHO filings originally due by February 14, 2025 (14 calendar days after the end of the reporting month).  In granting the temporary exemption, the SEC stated that the exemption would “provide industry participants sufficient time to complete implementation of systems builds and testing, as well as to work with Commission staff to address any outstanding operational and compliance questions regarding Form SHO reporting."

The temporary exemption ends on January 2, 2026. In the absence of further SEC action, Form SHO reports for the January 2026 reporting period are required to be filed within 14 calendar days after the end of January 2026 (i.e., February 17, 2026, due to the weekend and federal holiday).

The SEC’s order is available here and a related press release is available here.