Once a Form SH filing is required, may an institutional investment manager take advantage of the de minimis exclusion for purposes of entering data into the specified columns?
Yes. The institutional investment manager may apply the de minimis exclusion on a day-by-day and column-by-column basis. For example, if the amount of securities sold short on a given day is de minimis for purposes of Column 4, then disclosure of the amount is not required under Column 4. However, the amount of securities sold short should still be taken into account in determining what type of disclosure is required under Columns 6 and 7. In the event the institutional investment manager excludes information using the de minimis exclusion, it should enter “N/A” in the appropriate columns. Pre-Existing Short Positions should not be included for purposes of determining whether the de minimis exclusion applies.
