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Printer-Friendly Short Interest Reporting

Changes to the Frequency of Short Interest Reporting

On March 6, 2007, the SEC approved amendments to Rule 3360 that increase the frequency of short interest reporting from monthly to twice a month. Effective September 7, 2007, member firms will be required to file short positions in NASDAQ and OTC equity securities with FINRA using the Web-based Regulation Filing Applications (RFA) system twice a month (see Notice to Members 07-24). The mid-month Short Interest Report will continue to be based on short positions held by members on the settlement date of the 15th of each month. If the 15th falls on a weekend or another non-settlement date, the designated settlement date will be the previous business day on which transactions settled. The end-of-month Short Interest Report will be based on short positions held on the last business day of the month on which transactions settle.

Changes to Issue Symbol Validation When RFA Creates a Draft Filing

At the beginning of each short interest reporting cycle, the Regulation Filing Applications (RFA) creates a "draft" filing for each FINRA member that reflects the short interest positions reported by the member during the previous month's reporting period. If, however, an issue symbol that was reported during the previous month's reporting period is no longer active (i.e., the issue symbol has changed or expired), RFA currently designates the issue symbol as inactive and does not allow the member to input a position for that issue symbol for the current reporting period. The short position must be added to the member's filing and include the correct issue symbol.

Beginning with the February 2007 short interest reporting period, an issue symbol will be designated as active or inactive based on a security's Issue ID number rather than the issue symbol. This modification to the system will result in changes to the member's "draft" filing. Specifically, if a security's issue symbol changes between reporting periods, the draft filing will display the most current active issue symbol for that security along with the short position the member reported during the previous month's filing, even if that short position was reported under an issue symbol that is no longer active. Also, should a security move among the NASDAQ, OTC equity and AMEX exchanges or market centers between reporting periods, the draft filing will display the most current active exchange or market code for the security along with the short position the member reported during the previous month's filing. If a security moves to an exchange or market center other than NASDAQ, OTC equity or AMEX, RFA will designate the issue symbol as inactive and not allow a member to input a position for that issue symbol for the current reporting period. The short position will need to be added to the member's filing and include the correct exchange or market code (e.g., NYSE).

Questions about the changes described above may be directed to Yvonne Huber at (240) 386-5034 or Michele Bowan at (240) 386-4986. For general information concerning the Regulation Filing Applications, please call (800) 321-6273.

New Firm Contact Fields

Regulation Filing Account Administrators will be responsible for providing and maintaining primary and secondary contact information in the new Firm Contact fields for Shorts with the most current and accurate information. This information is necessary in the event that an application’s designated person needs to be notified of any system problems or for verification of information that was submitted by the member firm. The name, title, address, telephone number, fax number, and e-mail address for the firm’s designated primary and secondary contacts should be provided for each application.

FINRA may require verification of certain reported short interest positions filed by member firms. Such requests will be directed to the individual designated by each member firm as the Shorts application contact. Therefore, member firms should promptly update their contact information following changes to ensure that inquiries made by FINRA are addressed in a timely fashion.

2008 Schedule of Reporting Dates

Member firms are required to submit short interest reports bi-weekly. Exchange-listed short interest positions must be reported no later than 1 p.m., Eastern Time (ET), and NASDAQ and OTC equity short interest positions must be reported by 6 p.m., ET, on the second business day after the reporting settlement date designated by FINRA. See the 2008 schedule of reporting dates. 

General Instructions For Short Interest Reporting Application

Please view general instructions for the Regulation Filing Shorts Application. They include information concerning member firms' obligations with regard to reporting short interest data, system requirements, and file upload specifications.

Short Interest-Related Notices to Members

Firms should already have access to the Regulation Filing Applications System, that is currently being used for Web-Based FOCUS filings. For additional information regarding access to the Web-based system if your firm has not already received access, please refer to NASD Notices to Members 99-70 and 99-101.

Contact Information

Questions concerning short interest reporting may be directed to Yvonne Huber at (240) 386-5034 or Michele Bowan at (240) 386-4986.