SEC Adopts Interim Reporting Requirement for Short Sales

This FYI is an update of the FYI circulated by Morgan Lewis on October 17, 2008 reflecting additional informal guidance that we understand was provided by the SEC staff to the Managed Funds Association and other groups. To ensure that our clients have the latest developments, we have described these changes in Q&A 11 and have added a new Question and Answer in Q&A 14. We have also updated our responses to reflect the expiration of the transition period.

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