Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 55175 

1This finding of an ‘‘emergency’’ is solely for 

purposes of Section 12(k)(2) of the Exchange Act 

and is not intended to have any other effect or 

meaning or to confer any right or impose any 

obligation other than set forth in this Order. 

1See Exchange Act Release No. 58166 (July 15, 

2008), Exchange Act Release No. 58572 (September 

17, 2008). 

2This finding of an ‘‘emergency’’ is solely for 

purposes of Section 12(k)(2) of the Exchange Act 

and is not intended to have any other effect or 

meaning or to confer any right or impose any 

obligation other than set forth in this Order. 3The term ‘‘investment discretion’’ has the same 

meaning as in Exchange Act Rule 13f–1(b). See 17 

CFR 240.13f–1(b). 

4The term ‘‘section 13(f) securities’’ has the same 

meaning as in Exchange Act Rule 13f–1(c). See 17 

CFR 240.13f–1(c). 

also become concerned about sudden 

and unexplained declines in the prices 

of securities. Such price declines can 

give rise to questions about the 

underlying financial condition of an 

issuer, which in turn can create a crisis 

of confidence without a fundamental 

underlying basis. This crisis of 

confidence can impair the liquidity and 

ultimate viability of an issuer, with 

potentially broad market consequences. 

As a result of these recent 

developments, the Commission 

concluded that there continues to exist 

the potential of sudden and excessive 

fluctuations of securities prices 

generally and disruption in the 

functioning of the securities markets 

that could threaten fair and orderly 

markets. Based on this conclusion, the 

Commission is exercising its powers 

under Section 12(k)(2) of the Securities 

Exchange Act of 1934.1 Pursuant to 

Section 12(k)(2), in appropriate 

circumstances the Commission may 

issue summarily an order to alter, 

supplement, suspend, or impose 

requirements or restrictions with respect 

to matters or actions subject to 

regulation by the Commission. 

We have determined that issuer 

repurchases can represent an important 

source of liquidity during times of 

market volatility. Exchange Act Rule 

10b–18 provides issuers with a safe 

harbor to effect repurchases within 

certain conditions. Historically, issuers 

generally have been reluctant to 

undertake repurchases without the 

certainty that their repurchases come 

within the safe harbor. Temporarily 

altering the timing and volume 

conditions in the safe harbor will 

provide additional flexibility and 

certainty to issuers that consider 

executing repurchases during the 

current market conditions. In these 

unusual and extraordinary 

circumstances, we believe altering the 

timing and volume conditions in 

Exchange Act Rule 10b–18 is necessary 

in the public interest and for the 

protection of investors to maintain fair 

and orderly securities markets, and to 

prevent substantial disruption in the 

securities markets. 

It is ordered, pursuant to our Section 

12(k)(2) powers, that: 

In connection with a Rule 10b–18 

purchase or with a Rule 10b–18 bid that 

is made during the period covered by 

this Order by the use of any means or 

instrumentality of interstate commerce 

or of the mails, or of any facility of any 

national securities exchange, an issuer, 

or an affiliated purchaser of the issuer, 

shall not be deemed to have violated 

Section 9(a)(2) of the Exchange Act or 

Rule 10b–5 under the Exchange Act, 

solely by reason of the time or price at 

which its Rule 10b–18 bids or Rule 10b– 

18 purchases are made or the amount of 

such bids or purchases or the number of 

brokers or dealers used in connection 

with such bids or purchases if the issuer 

or affiliated purchaser of the issuer 

meets all of the conditions in Rule 10b– 

18 with the exception that: 

(i) The time of purchases condition in 

paragraphs (b)(2)(i), (b)(2)(ii), and 

(b)(2)(iii) of Exchange Act Rule 10b–18 

is suspended; and 

(ii) The volume of purchases 

condition in paragraph (b)(4) of 

Exchange Act Rule 10b–18 is modified 

so that the amount of Rule 10b–18 

purchases must not exceed 100 percent 

of the ADTV for the security. 

All other provisions of Exchange Act 

Rule 10b–18, including the manner and 

price of purchase conditions of 

paragraphs (b)(1) and (b)(3), are not 

altered by this order. Terms used in this 

order have the same meanings as those 

terms used in Exchange Act Rule 10b– 

18 unless stated otherwise. 

This Order shall be effective at 12:01 

a.m. EDT on September 19, 2008, and 

shall terminate at 11:59 p.m. on October 

2, 2008 unless further extended by the 

Commission. 

By the Commission. 

J. Lynn Taylor, 

Assistant Secretary. 

[FR Doc. E8–22370 Filed 9–23–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 58591] 

Securities Exchange Act of 1934; 

Emergency Order Pursuant to Section 

12(k)(2) of the Securities Exchange Act 

of 1934 Taking Temporary Action To 

Respond to Market Developments 

September 18, 2008. 

The Commission is aware of the 

continued potential of sudden and 

excessive fluctuations of securities 

prices and disruption in the functioning 

of the securities markets that could 

threaten fair and orderly markets. As 

evidenced by our recent publication of 

emergency orders under Section 12(k) of 

the Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 we are concerned 

about the possible unnecessary or 

artificial price movements based on 

unfounded rumors regarding the 

stability of financial institutions and 

other issuers exacerbated by short 

selling. We also believe that some 

persons may take advantage of issuers 

that have become temporarily weakened 

by current market conditions to engage 

in inappropriate short selling in the 

securities of such issuers. 

Given the importance of confidence in 

our financial markets as a whole, we 

have become concerned about sudden 

and unexplained declines in the prices 

of securities. Such price declines can 

give rise to questions about the 

underlying financial condition of an 

issuer, which in turn can create a crisis 

of confidence without a fundamental 

underlying basis. This crisis of 

confidence can impair the liquidity and 

ultimate viability of an issuer, with 

potentially broad market consequences. 

As a result of these recent 

developments, the Commission 

concluded that there continues to exist 

the potential of sudden and excessive 

fluctuations of securities prices 

generally and disruption in the 

functioning of the securities markets 

that could threaten fair and orderly 

markets. Based on this conclusion, the 

Commission is exercising its powers 

under Section 12(k)(2) of the Exchange 

Act.2 Pursuant to Section 12(k)(2), in 

appropriate circumstances the 

Commission may by order summarily 

take action to alter, supplement, 

suspend, or impose requirements or 

restrictions with respect to matters or 

actions subject to regulation by the 

Commission. 

We have concluded that it is 

necessary to require certain institutional 

investment managers to report 

information concerning daily short sales 

of securities. For purposes of this Order, 

we believe that section 13(f) of the 

Exchange Act and Rule 13f–1 provide 

useful and tested terms and definitions 

that provide a basis for requiring new 

disclosure. The Order therefore requires 

that an institutional investment manager 

that exercises investment discretion 3

with respect to accounts holding section 

13(f) securities 4 having an aggregate fair 

market value on the last trading day of 

any month of any calendar year of at 


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55176 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 

5See Exchange Act Rule 0–2 for a description of 

the business hours of the Commission. 17 CFR 

240.0–2. 

6No Commission procedure for seeking 

confidential treatment of information filed with or 

transmitted to the Commission, such as those in 17 

CFR 200.80, 200.83, or 240.24b–2, shall apply to the 

information that this Order requires to be filed. 

least $100,000,000 must file a new form 

with the Commission. Specifically, an 

institutional investment manager who 

has filed or was required to file a Form 

13F for the calendar quarter ended June 

30, 2008 under section 13(f) of the 

Exchange Act and Rule 13f–1(a) 

thereunder will be required to file a 

report on new Form SH with the 

Commission on the first business day 5

of every calendar week immediately 

following a week in which it effected 

short sales. 

The Form SH, which must be filed 

electronically and will be publicly 

available on our EDGAR system,6 must 

include disclosure of the number and 

value of securities sold short for each 

section 13(f) security, except for short 

sales in options, and the opening short 

position, closing short position, largest 

intraday short position, and the time of 

the largest intraday short position, for 

that security during each calendar day 

of the prior week. No filing, however, 

will be required when no short sales of 

a section 13(f) security have been 

effected since the previous filing of a 

Form SH. In addition, this disclosure 

requirement will only apply to short 

sales effected after the effective date of 

the Order. Finally, an institutional 

investment manager need not report 

short positions otherwise reportable if: 

(i) The short position in the section 13(f) 

securities constitutes less than onequarter of one percent of the class of the 

issuer’s section 13(f) securities issued 

and outstanding as reported on the 

issuer’s most recent annual or quarterly 

report, and any current report 

subsequent thereto, filed with the 

Commission pursuant to the Exchange 

Act, unless the manager knows or has 

reason to believe the information 

contained therein is inaccurate; and (ii) 

the fair market value of the short 

position in the section 13(f) securities is 

less than $1,000,000. 

We believe that the extraordinary 

circumstances we now confront require 

the new disclosure requirements we are 

imposing today. We also believe such 

disclosure requirements are in the 

public interest for the protection of 

investors and will ensure transparency 

in short selling. 

It is ordered that, pursuant to our 

Section 12(k)(2) powers: 

Every institutional investment manager 

that exercises investment discretion with 

respect to accounts holding section 13(f) 

securities and that has filed or was required 

to file a Form 13F for the calendar quarter 

ended June 30, 2008, as required under 

section 13(f) of the Exchange Act and Rule 

13f–1(a) thereunder, must file a report on 

Form SH with the Commission. The Form SH 

filing must be made on the first business day 

of each week immediately following a week 

in which the institutional investment 

manager has effected any short sale with 

respect to any section 13(f) security that is 

not an option. With respect to each section 

13(f) security that is not an option, the Form 

SH filing must reflect the number and value 

of securities sold short during the day as well 

as the opening short position, closing short 

position, largest intraday short position, and 

the time of the largest intraday short position, 

for that security on each calendar day of the 

prior week in which the institutional 

investment manager engaged in trading 

activity with respect to short sales. 

Finally, an institutional investment 

manager need not report short positions 

otherwise reportable if: (i) The short position 

in the section 13(f) securities constitutes less 

than one-quarter of one percent of the class 

of the issuer’s section 13(f) securities issued 

and outstanding as reported on the issuer’s 

most recent annual or quarterly report, and 

any current report subsequent thereto, filed 

with the Commission pursuant to the 

Exchange Act, unless the manager knows or 

has reason to believe the information 

contained therein is inaccurate; and (ii) the 

fair market value of the short position in the 

section 13(f) securities is less than 

$1,000,000. 

Short sale has the meaning set forth in 

Rule 200 of Regulation SHO (17 CFR 

242.200), and terms referenced in that 

provision shall have the same meaning as set 

forth in Regulation SHO; and short positions 

to be reported are those resulting from ‘‘short 

sales’’ as that term is defined in SEC Rule 

200(a) of Regulation SHO. 

It is further ordered that, pursuant to 

our Section 12(k)(2) powers, the text of 

Form SH be as set forth in the 

attachment to this Order. 

This Order shall be effective at 12:01 

a.m. EDT on September 22, 2008, the 

first Form SH shall be required to be 

filed on September 29, 2008, and this 

Order shall terminate at 11:59 p.m. on 

October 2, 2008 unless further extended 

by the Commission. 

By the Commission. 

J. Lynn Taylor, 

Assistant Secretary. 

UNITED STATES SECURITIES AND 

EXCHANGE COMMISSION, 

WASHINGTON, D.C. 20549 

FORM SH 

INFORMATION REQUIRED OF 

INSTITUTIONAL INVESTMENT 

MANAGERS PURSUANT TO EMERGENCY 

ORDER, SECURITIES EXCHANGE ACT OF 

1934 RELEASE NO. 58591, SEPTEMBER 18, 

2008 

GENERAL INSTRUCTIONS 

1. Rule as to Use of Form SH. Institutional 

investment managers (‘‘Managers’’) must use 

Form SH for reports to the Commission 

required by the Commission’s Emergency 

Order, Securities Exchange Act of 1934 

Release No. 58591, September 18, 2008 

(‘‘September 18, 2008 Order’’). The 

September 18, 2008 Order provides that 

every Manager that exercises investment 

discretion with respect to accounts holding 

section 13(f) securities, as defined in 

paragraph (c) of section 13(f) of the Securities 

Exchange Act of 1934 [15 U.S.C. 78m(f)] 

(‘‘Exchange Act’’), who has filed or was 

required to file a Form 13F for the calendar 

quarter ended June 30, 2008, must file a 

report on Form SH with the Commission to 

report certain information about short sales 

and short positions. The Form SH filing must 

be made on the Monday (or, if Monday is a 

federal holiday, the first business day 

thereafter) of each calendar week 

immediately following a Form SH reporting 

period (i.e., the preceding Monday-Sunday, 

or seven calendar days) in which the 

Manager has entered into any new short 

positions or closed part or all of any short 

positions with respect to any section 13(f) 

securities except for any short position(s) for 

options (‘‘SH Short Positions’’). The Form SH 

will report SH Short Positions for the 

Monday-Sunday immediately preceding the 

Monday on which the Form SH is due to be 

filed. 

2. Rules to Prevent Duplicative Reporting. 

If two or more Managers, each of which is 

required by the September 18, 2008 Order to 

file a report on Form SH for the reporting 

period, exercise investment discretion with 

respect to the same securities, only one such 

Manager must include information in its 

reports on Form SH. 

A Manager having information that is 

required by the September 18, 2008 Order to 

be reported on Form SH, and such 

information is reported by another Manager 

(or Managers), such Manager must identify 

the Manager(s) reporting on its behalf in the 

manner described in Special Instruction 6. 

3. Filing of Form SH. A Manager must file 

a Form SH report with the Commission on 

or before 5:30 p.m. Eastern Standard Time or 

Eastern Daylight Savings Time, whichever 

currently is in effect in Washington, DC 

(‘‘Eastern Time’’) on the Monday (or, if 

Monday is a federal holiday, the first 

business day thereafter) of each week 

immediately following the preceding seven 

calendar day period in which the Manager 


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has entered into any new SH Short 

Position(s) or closed part or all of any SH 

Short Position(s). 

4. Official List of Section 13(f) Securities. 

The official list of section 13(f) securities 

published by the Commission (the ‘‘13F 

List’’) lists the securities the holdings of 

which a Manager is to report on Form 13F. 

See rule 13f–1(c) [17 CFR 240.13f–1(c)]. Form 

SH filers may rely on the current 13F List in 

determining whether they need to report on 

Form SH information about any particular 

equity security, excluding short positions on 

options. The 13F List is available on the 

SEC’s website, at http://www.sec.gov/ 

divisions/investment/13flists.htm. Paper 

copies are available at a reasonable fee from 

the Securities and Exchange Commission, 

Public Reference Room, 100 F Street, NE, 

Washington, DC 20549. 

SPECIAL INSTRUCTIONS 

1. This form consists of three parts: the 

Form SH Cover Page (the ‘‘Cover Page’’), the 

Form SH Summary Page (the ‘‘Summary 

Page’’), and the Form SH Information Table 

(the ‘‘Information Table’’). 

2. When preparing the report, omit all 

bracketed text. Include brackets used to form 

check boxes. 

The Cover Page: 

3. The period end date used in the report 

(and in the EDGAR submission header) is the 

Sunday before the Form SH is filed. The date 

should name the month, and express the day 

and year in Arabic numerals, with the year 

being a four-digit numeral (i.e., 2008). 

4. Amendments to a Form SH must either 

restate the Form SH in its entirety or include 

only entries that are being reported in 

addition to those already reported in a 

current public Form SH for the same period. 

If the Manager is filing the Form SH report 

as an amendment, then the Manager must 

check the amendment box on the Cover Page; 

enter the amendment number; and check the 

appropriate box to indicate whether the 

amendment (a) is a restatement or (b) adds 

new entries. Each amendment must include 

a complete Cover Page and, if applicable, a 

Summary Page and Information Table. 

Amendments must be filed sequentially. 

5. Present the Cover Page and the Summary 

Page information in the format and order 

provided in the form. The Cover Page may 

include information in addition to the 

required information, so long as the 

additional information does not, either by its 

nature, quantity, or manner of presentation, 

impede the understanding or presentation of 

the required information. Place all additional 

information after the signature of the person 

signing the report (immediately preceding 

the Report Type section). Do not include any 

additional information on the Summary Page 

or in the Information Table. 

6. Designate the Report Type for the Form 

SH by checking the appropriate box in the 

Report Type section of the Cover Page, and 

include, where applicable, the List of Other 

Managers Reporting for this Manager (on the 

Cover Page), the Summary Page and the 

Information Table, as follows: 

a. If all of the information that a Manager 

is required by the September 18, 2008 Order 

to report on Form SH is reported by another 

Manager (or Managers), check the box for 

Report Type ‘‘FORM SH NOTICE,’’ include 

(on the Cover Page) the List of Other 

Managers Reporting for this Manager, and 

omit both the Summary Page and the 

Information Table. 

b. If all of the information that a Manager 

is required by the September 18, 2008 Order 

to report on Form SH is reported in this 

report, check the box for Report Type ‘‘FORM 

SH ENTRIES REPORT,’’ omit from the Cover 

Page the List of Other Managers Reporting for 

this Manager, and include both the Summary 

Page and the Information Table. 

c. If only a part of the information that a 

Manager is required by the September 18, 

2008 Order to report on Form SH is reported 

in this report, check the box for Report Type 

‘‘FORM SH COMBINATION REPORT,’’ 

include (on the Cover Page) the List of Other 

Managers Reporting for this Manager, and 

include both the Summary Page and the 

Information Table. 

Summary Page 

7. Include on the Summary Page the Report 

Summary, containing the Number of Other 

Included Managers, the Information Table 

Entry Total and the Information Table Value 

Total. 

a. Enter as the Number of Other Included 

Managers the total number of other Managers 

listed in the List of Other Included Managers 

on the Summary Page, not counting the 

Manager filing this report. See Special 

Instruction 8. If none, enter the number zero 

(‘‘0’’). 

b. Enter as the Information Table Entry 

Total the total number of line entries 

providing issuer information included in the 

Information Table. 

c. Enter as the Information Table Value 

Total the aggregate fair market value in U.S. 

dollars of all securities sold short during the 

reporting period that are reported in this 

report, i.e., the total for Column 5 (Value of 

Securities Sold Short (Day)) of all line entries 

in the Information Table. The Manager must 

express this total as a rounded figure, 

corresponding to the individual Column 4 

entries in the Information Table. See Special 

Instruction 9. 

8. Include on the Summary Page the List 

of Other Included Managers. Use the title, 

column headings and format provided. 

a. If this Form SH does not report the 

information that a Manager is required by the 

September 18, 2008 Order to report on Form 

SH of any Manager other than the Manager 

filing this report, enter the word ‘‘NONE’’ 

under the title and omit the column headings 

and list entries. 

b. If this Form SH reports the information 

that a Manager is required by the September 

18, 2008 Order to report on Form SH of one 

or more Managers other than the Manager 

filing this report, enter in the List of Other 

Included Managers all such Managers 

together with their respective Form 13F file 

numbers, if known. (The Form 13F file 

numbers are assigned to Managers when they 

file their first Form 13F.) Assign a number to 

each Manager in the List of Other Included 

Managers, and present the list in sequential 

order. The numbers need not be consecutive. 

The List of Other Managers cannot include 

the Manager filing this report. 

Information Table 

9. In determining the fair market value of 

securities sold short, a Manager must use the 

market price of the section 13(f) securities as 

of the close of floor trading on the New York 

Stock Exchange (‘‘NYSE’’) for the day in 

question. If the securities are sold short on 

a non-business day, a Manager must use the 

market price of the section 13(f) securities as 

of the close of the NYSE for the most recent 

business day. Such market closing time shall 

be used to determine the price for all SH 

Short Positions, irrespective of which U.S. 

equity market the issuer trades on. Enter 

values rounded to the nearest one thousand 

dollars (with ‘‘000’’ omitted). 

10. Furnish the Information Table using 

the table title, column headings and format 

provided. Provide column headings once at 

the beginning of the Information Table; 

repetition of column headings on subsequent 

pages is not required. Present the table in 

accordance with the column instructions 

provided in Special Instructions 10.a.i 

through 10.a.viii. Do not include any 

additional information in the Information 

Table. Begin the Information Table on a new 

page; do not include any portion of the 

Information Table on either the Cover Page 

or the Summary Page. 

a. Instructions for each column in the 

Information Table: 

i. Column 1. Name of Issuer. Enter in 

Column 1 the name of the issuer as it appears 

in the current official list of Section 13(f) 

Securities published by the Commission in 

accordance with rule 13f–1(c) (the ‘‘13F 

List’’). Reasonable abbreviations are 

permitted. 

ii. Column 2. CUSIP Number. Enter in 

Column 2 the nine (9) digit CUSIP number 

of the security for which information is being 

reported. 

iii. Column 3. Short Position (Start of Day). 

Enter in Column 3 the number of securities 

that represent the Manager’s short position in 

the issuer as of the start of each calendar day 

(or days, in the case of Saturday and Sunday) 

during the reporting period. The Short 

Position (Start of Day) for Monday, 

September 22, 2008 shall be zero. 

iv. Column 4. Number of Securities Sold 

Short (Day). Enter in Column 4 the aggregate 

number of securities in the issuer that the 

Manager sold short for each calendar day (or 

days, in the case of Saturday and Sunday) 

during the reporting period. 

v. Column 5. Value of Securities Sold Short 

(Day). Enter in Column 5 the market value in 

U.S. dollars of the number of securities 

reported in Column 4. In valuing such 

securities, use the fair market value for each 

security, as set forth in Special Instruction 9, 

supra. 

vi. Column 6. Short Position (End of Day). 

Enter in Column 6 the number of securities 

that represent the Manager’s short position in 

the issuer as of the end each calendar day (or 

days, in the case of Saturday and Sunday) 

during the reporting period. 

vii. Column 7. Largest Intra-Day Short 

Position. Enter in Column 7 the number of 

securities that represent the Manager’s largest 

single short position in the issuer for each 

calendar day (or days, in the case of Saturday 

and Sunday) during the reporting period. 


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55178 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 

viii. Column 8. Time of Day of Largest 

Intra-Day Short Position. Enter in Column 7 

the time of day (Eastern Time) that the 

Manager had the largest single short position 

in the issuer, as reported in Column 7. 

11. Preparation of the electronic filing: 

a. No line on the Cover Page or the 

Summary Page may exceed 80 characters in 

length. See rule 305 of Regulation S–T [17 

CFR 232.305]. 

b. No line in the Form SH Information 

Table may exceed 132 characters in length. 

See rule 305 of Regulation S–T [17 CFR 

232.305]. 

c. If the Form SH Report Type is ‘‘SH 

ENTRIES REPORT’’ or ‘‘SH COMBINATION 

REPORT,’’ then place one EDGAR <PAGE> 

tag at the end of the Cover Page and one 

<PAGE> tag at the end of the Summary Page. 

Additional EDGAR <PAGE> tags are not 

required. Those electing to include 

additional <PAGE> tags should, for each page 

containing a <PAGE> tag, include no more 

than sixty (60) lines per page, including the 

line on which the <PAGE> tag is placed. 

d. In preparing the Form SH report for 

electronic filing, a Manager may omit 

underscoring used in the form to indicate the 

placement of information that the Manager is 

to furnish. 

e. Use the following EDGAR submission 

types for the following Form SH Report 

Types: 

Form SH report type 

EDGAR 

submission 

type 

FORM SH ENTRIES REPORT: 

Initial Filing ................ SH–ER. 

Amendments ............. SH–ER/A. 

FORM SH NOTICE: 

Initial Filing ................ SH–NT. 

Amendments ............. SH–NT/A. 

FORM SH COMBINATION REPORT: 

Initial Filing ................ SH–ER. 

Form SH report type 

EDGAR 

submission 

type 

Amendments ............. SH–ER/A. 

UNITED STATES SECURITIES AND 

EXCHANGE COMMISSION, 

Washington, DC 20549 

FORM SH 

FORM SH COVER PAGE 

Report for the Period Ended: 

lllllllllllllllllllll

[Month, Day, Year] 

Check here if Amendment b; 

Amendment Number: llllllllll

This Amendment (Check only one): 

b is a restatement. 

b adds new entries. 

Institutional Investment Manager Filing this 

Report: 

Name: lllllllllllllllll

Address: llllllllllllllll

lllllllllllllllllllll

lllllllllllllllllllll

Form 13F File Number: 28– llllllll

The institutional investment manager filing 

this report and the person by whom it is 

signed hereby represent that the person 

signing the report is authorized to submit it, 

that all information contained herein is true, 

correct and complete, and that it is 

understood that all required items, 

statements, schedules, lists, and tables, are 

considered integral parts of this form. 

Person Signing this Report on Behalf of 

Reporting Manager: 

Name: lllllllllllllllll

Title: llllllllllllllllll

Phone: lllllllllllllllll

Signature, Place, and Date of Signing: 

lllllllllllllllllllll

[Signature] 

lllllllllllllllllllll

[City, State] 

lllllllllllllllllllll

[Date] 

Report Type (Check only one): 

b FORM SH ENTRIES REPORT. (Check here 

if all entries of this reporting manager are 

reported in this report.) 

b FORM SH NOTICE. (Check here if no 

entries reported are in this report, and all 

entries are reported by other reporting 

manager(s).) 

b FORM SH COMBINATION REPORT. 

(Check here if a portion of the entries for this 

reporting manager is reported in this report 

and a portion is reported by other reporting 

manager(s).) 

List of Other Managers Reporting for this 

Manager: 

[If there are no entries in this list, omit this 

section.] 

Form 13F File Number 

28– lllllllllllllllllll

Name llllllllllllllllll

[Repeat as necessary.] 

FORM SH SUMMARY PAGE 

Report Summary: 

Number of Other Included Managers: 

lllllllllllllllllllll

Form SH Information Table Entry Total: 

lllllllllllllllllllll

Form SH Information Table Value Total: 

(thousands) lllllllllllllll

List of Other Included Managers: 

Provide a numbered list of the name(s) and 

Form 13F file number(s) of all institutional 

investment managers with respect to which 

this Form SH report is filed, other than the 

manager filing this report. 

[If there are no entries in this list, state 

‘‘NONE’’ and omit the column headings and 

list entries.] 

No. lllllllllllllllllll

Form 13F File Number Name 

28– lllllllllllllllllll

Name llllllllllllllllll

[Repeat as necessary.] 

FORM SH INFORMATION TABLE—PAGE 1 

MONDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

position 


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FORM SH INFORMATION TABLE—PAGE 2 

TUESDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

Position 

FORM SH INFORMATION TABLE—PAGE 3 

WEDNESDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

position 

FORM SH INFORMATION TABLE—PAGE 4 

THURSDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

position 


jlentini on PROD1PC65 with NOTICES
55180 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices 

1 15 U.S.C. 78q(d). 

2 17 CFR 240.17d–2. 

FORM SH INFORMATION TABLE—PAGE 5 

FRIDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

position 

FORM SH INFORMATION TABLE—PAGE 6 

SATURDAY-SUNDAY, [Month, Day, Year] 

Name of issuer CUSIP Short position 

(start of day) 

Number of 

securities sold 

short (day) 

Value of 

securities sold 

short (day) 

Short position 

(end of day) 

Largest intraday short 

position 

Time of day of 

largest intraday short 

position 

[FR Doc. E8–22487 Filed 9–23–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58563; File No. 4–569] 

Program for Allocation of Regulatory 

Responsibilities Pursuant to Rule 17d– 

2; Notice of Filing of Proposed Plan for 

the Allocation of Regulatory 

Responsibilities Between the Financial 

Industry Regulatory Authority, Inc. and 

BATS Exchange, Inc. 

September 17, 2008. 

Pursuant to section 17(d) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 17d–2 thereunder,2

notice is hereby given that on August 

27, 2008, BATS Exchange, Inc. 

(‘‘BATS’’) and the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

(together with BATS, the ‘‘Parties’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) 

a plan for the allocation of regulatory 

responsibilities, dated August 25, 2008 

(‘‘17d–2 Plan’’ or the ‘‘Plan’’). The 

Commission is publishing this notice to 


jlentini on PROD1PC65 with NOTICES