SEC Publishes Draft Taxonomy for Short Sale Form Reporting

The SEC staff published a new Form SHO-specific taxonomy draft containing XBRL and XML schema definitions for filers' technical specification requirements.

The new XRBL and XML taxonomy contains (i) formatting and validation requirements, (ii) addition of text, (iii) table updates and corrections, and (iv) numerous "XML Schema Definition" files that "defines the structure of the relevant EDGAR form submission" for proper processing by the EDGAR system. 

The SEC reminded filers of the necessity of compliance with the requirements of the EDGAR Filer Manual. The SEC stated that the new taxonomy replaces past XBRL and XML technical specifications in order to conform to the adopted Exchange Act Rule 13f-2 ("Periodical and other reports") requiring institutional investment managers to report on the new Form SHO, information as to certain short positions in equity securities and related trading activity.

As previously covered, the Rule 13f-2 changes were adopted to provide greater transparency on a monthly basis by implementing Section 13(f)(2) ("Periodical and other reports") of the Exchange Act, which requires the SEC to adopt rules "for the public disclosure of [various information as to] short sales of each security and any additional information determined by the Commission."