Overview
- An SEC exemptive order issued Dec. 3 moves Rule 13f-2/Form SHO compliance to Jan. 2, 2028 and delays Rule 10c-1a reporting to Sept. 28, 2028, with public lending data now set for Mar. 29, 2029.
- Managers’ first Form SHO will cover January 2028 and is due Feb. 14, 2028.
- The SEC cited an Aug. 25 Fifth Circuit decision that remanded the rules without vacatur for a quantified review of cumulative economic effects.
- The order notes the pause could include proposing amendments to the rules to limit potential sunk compliance costs if requirements change.
- This is the second extension for short-position reporting, and industry groups welcomed the delay as SEC Commissioner Caroline Crenshaw dissented as “repeal by extension.”