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Renewed Regulatory Focus on Short Sale and Swap Position Reporting.

Client memorandum | June 17, 2021

When the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or, the “Act”) was passed in 2010, many commentators focused on the breadth of the legislation. Yet one of the underappreciated aspects of Dodd-Frank was the extent to which it passed responsibility for a large number of rulemakings and studies back to the Securities and Exchange Commission (the “SEC” or, the “Commission”) and the Staff of its various divisions. While many of these rulemakings, as well as several studies that the Act required the Commission to undertake, have generated a great deal of sustained interest over time as the Commission has completed those projects, the Commission has yet to complete all of its required work. One such required rulemaking under Dodd-Frank, which has recently begun to garner more widespread attention, directed the Commission to expand the current investment position reporting required under Section 13(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to include short sale positions.

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