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25 September 2008

Related:

sec092408.htm       + SEC Emergency Orders on Short Selling            September 24, 2008
sec092308.htm       + SEC Emergency Order on Naked Short Selling       September 23, 2008


[Federal Register: September 25, 2008 (Volume 73, Number 187)]
[Notices]               
[Page 55556-55557]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25se08-83]                         

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 58611]

 
Securities Exchange Act of 1934 Amendment to Emergency Order 
Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 
Taking Temporary Action To Respond to Market Developments

September 21, 2008.
    Pursuant to Section 12(k)(2) of the Securities Exchange Act of 
1934,\1\ on September 18, 2008, the Securities and Exchange Commission 
(``Commission'') issued an Emergency Order (the ``Order'') related to 
short selling the publicly traded securities of certain financial 
firms.\2\ The Order was effective immediately. The Commission is 
issuing this amendment to address current and anticipated technical and 
operational concerns resulting from the requirements of the Order.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(k)(2).
    \2\ See Securities Exchange Act Release No. 58592 (Sept. 18, 
2008).
---------------------------------------------------------------------------

A. Included Financial Firms

    The Order applies to the publicly traded securities of certain 
financial firms, which entities are identified in Appendix A to the 
Order (``Included Financial Firms''). We are amending the Order to 
modify the list of Included Financial Firms. As we stated in the Order, 
recent market conditions have raised concerns that short selling in the 
securities of a wide range of financial institutions may be causing 
sudden and excessive fluctuations of the prices of such securities in 
such a manner to threaten fair and orderly markets. Difficulties with 
the classification criteria led to the omission of financial 
institutions falling within these categories. In light of the 
familiarity of the exchanges listing financial institutions with the 
nature of their respective businesses, the Commission has determined to 
amend this Order to provide that the listing markets shall select the 
individual financial institutions with securities covered by the Order. 
The Commission expects each national securities exchange listing 
financial institutions to immediately publish a list, on its Internet 
Web site, of individual listed companies with common equity that will 
be covered by the Order's prohibition on short sales. The Commission 
expects these lists to cover banks, savings associations, broker-
dealers, investment advisers, and insurance companies, whether domestic 
or foreign, and the owners of any of these entities.
    To the extent an issuer chooses not to be covered by the Order's 
prohibition on short sales, we have authorized the applicable national 
securities exchange to exclude that issuer from its list of covered 
financial firms.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the Order applies to the publicly traded common equity 
securities of any issuer identified by any national securities exchange 
listing such securities as being a financial institution (each a 
``Covered Security'' and collectively, ``Covered Securities'').

B. Options and Futures Contract Expiration

    The Order includes an exception from its requirements to allow 
short sales that occur as a result of automatic exercise or assignment 
of an equity option held prior to effectiveness of the Order due to 
expiration of the option. We are amending the Order to also allow short 
sales that occur as a result of the expiration of futures contracts 
held prior to effectiveness of the Order.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the requirements of the Order shall not apply to any person 
that effects a short sale in any Covered Security as a result of 
automatic exercise or assignment of an equity option, or in connection 
with settlement of a futures contract, that is held prior to 
effectiveness of the Order due to expiration of the option or futures 
contract.

C. Options Assignments

    To allow for creation of long call options, we are amending the 
Order to except from its requirements, short sales that occur as a 
result of assignment to call writers upon exercise.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the requirements of the Order shall not apply to the writer of 
a call option that effects a short sale in any Covered Security as a 
result of assignment following exercise by the holder of the call.

D. Market Making and Derivatives

    In the Order we included an exception until 11:59 p.m. on September 
19, 2008 for any person that is a market maker that effects a short 
sale as part of bona fide market making and hedging activity related 
directly to bona fide market making in derivatives on the publicly 
traded securities of any Included Financial Firm. We are amending the 
exception so that it continues for the duration of the Order. In 
addition, we are clarifying that the exception applies to all market 
makers, including over-the-counter market makers, and that it applies 
to bona fide market making and hedging activity related directly to 
bona fide market making in exchange traded funds and exchange traded 
notes of which Covered Securities are a component. The purpose of this 
accommodation is to permit market makers to continue to provide 
liquidity to the markets.
    To help ensure that this hedging exception does not result in 
increased short exposure in Covered Securities, we are limiting the 
exception so that if a customer or counterparty position in a 
derivative security based on a Covered Security is established after 
12:01 a.m. E.D.T on September 22, 2008, a market maker may not effect a 
short sale in the Covered Security if the market maker knows that the 
customer's or counterparty's transaction will result in the customer or 
counterparty establishing or increasing an economic net short position 
(i.e., through actual positions, derivatives, or otherwise) in the 
issued share capital of a firm covered by this Order.
    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the requirements of this Order shall not apply to any person 
that is a market maker, including an over-the-counter market maker, 
that effects a short sale as part of a bona fide market making and 
hedging activity related directly to bona fide market making in (a) 
derivative securities based on Covered Securities, or (b) exchange 
traded funds and exchange traded notes of which Covered Securities are 
a component. Provided, however, if a customer or counterparty position 
in a derivative security based on a Covered Security is established 
after 12:01 a.m. E.D.T on September 22, 2008, a market maker may not 
effect a short sale in the Covered Security if the market maker knows 
that the customer's or counterparty's transaction will result in the 
customer or counterparty establishing or increasing an economic net 
short position (i.e., through actual positions, derivatives, or 
otherwise) in the issued share capital of a firm covered by this Order.
     All market makers relying on this exception to the limitation on 
short selling shall, as soon as operationally practicable, publish a 
notice on their Internet Web site that, pursuant to this

[[Page 55557]]

Order, the market maker may not knowingly effect a short sale as part 
of bona fide market making and hedging activity related directly to 
bona fide market making in a derivative security based on a Covered 
Security, if the customer's or counterparty's transaction will result 
in the customer or counterparty establishing or increasing an economic 
net short position (i.e., through actual positions, derivatives, or 
otherwise) in the issued share capital of a firm covered by the Order.

E. Sales of Restricted Securities

    We are also amending the Order to clarify that the Order does not 
apply to persons that effect sales of Covered Securities pursuant to 
Rule 144 of the Securities Act of 1933 (``Rule 144 Securities'').\3\ 
This accommodation is necessary because sales of Rule 144 Securities 
are sales of owned securities.
---------------------------------------------------------------------------

    \3\ 17 CFR 230.144.
---------------------------------------------------------------------------

    It is therefore ordered that, pursuant to our Section 12(k)(2) 
powers, the Order does not apply to any person that effects a sale 
pursuant to Rule 144 of the Securities Act of 1933 (17 CFR 230.144) in 
a Covered Security.
    We believe that these amendments are necessary in the public 
interest and for the protection of investors to maintain fair and 
orderly securities markets, and to prevent substantial disruption to 
securities markets.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-22502 Filed 9-24-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: September 25, 2008 (Volume 73, Number 187)]
[Notices]               
[Page 55557-55564]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25se08-84]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 58591A]

 
Securities Exchange Act of 1934; Amendment to Emergency Order 
Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 
Taking Temporary Action To Respond to Market Developments

September 21, 2008.
    Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 
(``Exchange Act''),\1\ on September 18, 2008, the Securities and 
Exchange Commission (``Commission'') issued an Emergency Order 
(``Order'') requiring institutional investment managers to report short 
sales of certain publicly traded securities.\2\ The Order takes effect 
on September 22, 2008 and requires the filing of a Form SH on September 
29, 2008. This amendment relates to the public availability of the 
information provided by the institutional investment managers when they 
report such sales and also includes technical amendments.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78 l(k)(2).
    \2\ See Exchange Act Release No. 58591 (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 Exchange Act,\3\ 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.
---------------------------------------------------------------------------

    \3\ See Exchange Act Release No. 58166 (July 15, 2008), Exchange 
Act Release No. 58572 (September 17, 2008).
---------------------------------------------------------------------------

    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.\4\ 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.
---------------------------------------------------------------------------

    \4\ This 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.
---------------------------------------------------------------------------

    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 \5\ with 
respect to accounts holding section 13(f) securities \6\ having an 
aggregate fair market value on the last trading day of any month of any 
calendar year of at 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 \7\ of every calendar week 
immediately following a week in which it effected short sales.
---------------------------------------------------------------------------

    \5\ The term ``investment discretion'' has the same meaning as 
in Exchange Act Rule 13f-1(b). See 17 CFR 240.13f-1(b).
    \6\ The term ``section 13(f) securities'' has the same meaning 
as in Exchange Act Rule 13f-1(c). See 17 CFR 240.13f-1(c).
    \7\ See Exchange Act Rule 0-2 for a description of the business 
hours of the Commission. 17 CFR 240.0-2.
---------------------------------------------------------------------------

    The Form SH, which must be filed electronically using the 
Commission's EDGAR system,\8\ 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.\9\ This disclosure requirement will apply only 
to short sales effected after the effective date of

[[Page 55558]]

the Order. In addition, no filing will be required when no short sales 
of a section 13(f) security have been effected since the previous 
filing of a Form SH. Finally, an institutional investment manager need 
not report short positions otherwise reportable if: (i) The short 
position in the section 13(f) security constitutes less than one-
quarter of one percent of that 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) security is less than $1,000,000.
---------------------------------------------------------------------------

    \8\ Although we are requiring managers to electronically file 
Forms SH using our EDGAR system, the Forms SH will be filed on a 
non-public basis. The Commission is permitting the non-public filing 
of Form SH in order to maintain fair and orderly securities markets 
and prevent substantial disruption in the securities markets. The 
Commission believes that the non-public submission of Form SH may 
help prevent artificial volatility in securities as well as further 
downward swings that are caused by short selling, while at the same 
time, providing the Commission with useful information to combat 
market manipulation that threatens investors and capital markets. 
Two weeks after the due date for the Forms SH, the Commission will 
make the Forms available to the public. We believe that by two weeks 
after the due date the reasons to maintain the information as non-
public will have diminished.
    \9\ No 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.
---------------------------------------------------------------------------

    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 necessary to protect the 
integrity and quality of the securities markets and strengthen investor 
confidence.
    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.
    The disclosure requirement will apply only to short sales 
effected after the effective date of the Order. In addition, no 
filing will be required when no short sales of a section 13(f) 
security have been effected since the previous filing of a Form SH.
    Finally, an institutional investment manager need not report 
short positions otherwise reportable if: (i) The short position in 
the section 13(f) security constitutes less than one-quarter of one 
per cent of that 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) security is less than 
$1,000,000.
    Short sale has the meaning set forth in Rule 200(a) of 
Regulation SHO (17 CFR 242.200(a)), 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 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.
Florence E. Harmon,
Acting 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 and the Amendment 
to that Order, Securities Exchange Act of 1934 Release No. 58591A, 
September 21, 2008 (the ``Orders''). The Orders provide that every 
Manager that exercises investment discretion with respect to 
accounts holding section 13(f) securities, as defined in rule 13f-
1(c) under 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 non-public 
report on Form SH with the Commission to report certain information 
about short sales and short positions. The non-public 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 with respect to any section 13(f) 
securities except for any short position(s) for options (``SH Short 
Positions''). The non-public 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 Orders 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 Orders 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 Form SH report that is filed by a 
Manager with the Commission shall be non-public upon filing. A 
Manager must label its Form SH as non-public by adding the phrase 
NON-PUBLIC (in bold and capital letters) at the top and bottom of 
each page of the entire form, i.e., each page(s) of 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'').
    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 has entered 
into any new SH Short Position(s). The Form SH must be filed 
electronically using the Commission's EDGAR system.
    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 Web site, 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 Cover Page, the 
Summary Page, and 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

[[Page 55559]]

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 
Orders 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 
Orders 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 Orders 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 Orders 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 Orders 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 of 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.
    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:
    Filing documents may be submitted in either ASCII or HTML 
document format. For ASCII submissions, please note items a, b, and 
c. Preparation of the filing document should follow instructions in 
the EDGAR Filer Manual (Volume 2), EDGAR Filing available on the 
SEC's Web site at http://www.sec.gov/info/edgar/edmanuals.htm.
    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  tag at the end of 
the Cover Page and one  tag at the end of the Summary Page. 
Additional EDGAR  tags are not required. Those electing to 
include additional  tags should, for each page containing a 
 tag, include no more than sixty (60) lines per page, 
including the line on which the  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:

[[Page 55560]]



------------------------------------------------------------------------
            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
  Amendments..............................  SH-ER/A
------------------------------------------------------------------------
Filings with the form types set forth in this instruction will be filed
  on a non-public basis.

Paperwork Reduction Act Information

    The Office of Management and Budget has approved this collection 
of information pursuant to 44 U.S.C. Sec.  3507 and 5 CFR Sec.  
1320.13. The OMB control number for this collection of information 
is 3235-0646. An agency may not conduct or sponsor, and a person is 
not required to respond to, a collection of information unless it 
displays a currently valid control number. We estimate that 
providing the requested information will take, on average, 
approximately 5 hours. Any member of the public may direct to the 
Commission any comments concerning the accuracy of this burden 
estimate and any suggestions for reducing this burden. See Order 
58591A regarding confidentiality.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Washington, D.C. 
20549

FORM SH

FORM SH COVER PAGE

Report for the Period Ended:-------------------------------------------
[Month, Day, Year]

Check here if Amendment [ ]
Amendment Number:------------------------------------------------------
This Amendment (Check only one):
[ ] is a restatement.
[ ] adds new entries.

Institutional Investment Manager Filing this Report:
Name:------------------------------------------------------------------
Address:---------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------

Form 13F File Number: 28-----------------------------------------------

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:------------------------------------------------------------------
Title:-----------------------------------------------------------------
Phone:-----------------------------------------------------------------

Signature, Place, and Date of Signing:
-----------------------------------------------------------------------
[Signature]

-----------------------------------------------------------------------
[City, State]

-----------------------------------------------------------------------
[Date]

Report Type (Check only one):
[ ] FORM SH ENTRIES REPORT. (Check here if all entries of this 
reporting manager are reported in this report.)
[ ] FORM SH NOTICE. (Check here if no entries reported are in this 
report, and all entries are reported by other reporting manager(s).)
[ ] 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---------------------------------------------------------------------

Name:------------------------------------------------------------------

[Repeat as necessary.]

FORM SH SUMMARY PAGE

Report Summary:
Number of Other Included Managers:
-----------------------------------------------------------------------

Form SH Information Table Entry Total:
-----------------------------------------------------------------------

Form SH Information Table Value Total:
-----------------------------------------------------------------------
(thousands)

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.--------------------------------------------------------------------

Form 13F File Number:
28---------------------------------------------------------------------

Name:------------------------------------------------------------------

[Repeat as necessary.]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Washington, D.C. 
20549

FORM SH

FORM SH COVER PAGE

Report for the Period Ended:-------------------------------------------
[Month, Day, Year]

 Check here if Amendment [ ]
Amendment Number:------------------------------------------------------
This Amendment (Check only one):
[ ] is a restatement.
[ ] adds new entries.

Institutional Investment Manager Filing this Report:
Name:------------------------------------------------------------------
Address:---------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------

Form 13F File Number: 28-----------------------------------------------

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:------------------------------------------------------------------
Title:-----------------------------------------------------------------
Phone:-----------------------------------------------------------------

Signature, Place, and Date of Signing:
-----------------------------------------------------------------------
[Signature]

-----------------------------------------------------------------------
[City, State]

-----------------------------------------------------------------------
[Date]

Report Type (Check only one):
[ ] FORM SH ENTRIES REPORT. (Check here if all entries of this 
reporting manager are reported in this report.)

[ ] FORM SH NOTICE. (Check here if no entries reported are in this 
report, and all entries are reported by other reporting manager(s).)

[ ] 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---------------------------------------------------------------------

[Repeat as necessary.]
Name:------------------------------------------------------------------

FORM SH SUMMARY PAGE

Report Summary:
Number of Other Included Managers:
-----------------------------------------------------------------------

Form SH Information Table Entry Total:
-----------------------------------------------------------------------

Form SH Information Table Value Total:
-----------------------------------------------------------------------
(thousands)

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.--------------------------------------------------------------------
Form 13F File Number:
28---------------------------------------------------------------------

Name:------------------------------------------------------------------

[Repeat as necessary.]

[[Page 55561]]



                                                            FORM SH INFORMATION TABLE--PAGE 1
                                                               MONDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                                            FORM SH INFORMATION TABLE--PAGE 2
                                                               TUESDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------

[[Page 55562]]


                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                                            FORM SH INFORMATION TABLE--PAGE 3
                                                              WEDNESDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                                            FORM SH INFORMATION TABLE--PAGE 4
                                                              THURSDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------

[[Page 55563]]


                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                                            FORM SH INFORMATION TABLE--PAGE 5
                                                               FRIDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 55564]]


                                                            FORM SH INFORMATION TABLE--PAGE 6
                                                           SATURDAY-SUNDAY, [Month, Day, Year]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             Time of Day
                                                                               Short      Number of     Value of      Short       Largest     of Largest
                        Name of Issuer                            CUSIP       Position    Securities   Securities    Position    Intra-Day    Intra-Day
                                                                             (Start of    Sold Short   Sold Short    (End of       Short        Short
                                                                                Day)        (Day)        (Day)         Day)       Position     Position
Column 1                                                          Column 2     Column 3     Column 4     Column 5     Column 6     Column 7     Column 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               ...........  ...........  ...........  ...........  ...........  ...........  ...........
--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------------------------------------------------------

[FR Doc. E8-22509 Filed 9-24-08; 8:45 am]

BILLING CODE 8010-01-P