Does the Order require disclosure of existing or outstanding short positions in Form SH Securities held prior to the effective date of the Order?
No. The disclosure requirement applies only to short sales effected after 12:01 a.m. EDT on September 22, 2008, the effective date of the Order. If a manager has a short position reflecting short sales effected prior to the effective date of the Order (“Pre-Existing Short Position” or, collectively, “Pre-Existing Short Positions”), that Pre-Existing Short Position is not required to be reported under any of the columns on Form SH or for any days throughout the calendar week-long period that must be reported in the Form SH filing. Thus, the manager is not required to add that Pre-Existing Short-Position to any new short positions created after the effective date of the Order. Transactions effected after the effective date of the Order to close out that Pre-Existing Short Position also should not be reported. Pre-Existing Short Positions should not be included for purposes of determining whether the de minimis exclusion applies. See Answer to Question 10. For example, if Manager A has an
