Friday, 29 July 2016
Last updated 14 hours ago
Mar 4 2009 | 11:41am ET
HedgeOp Compliance has released the ComplianceTrak Form SH Platform, a tool for hedge funds to efficiently and cost effectively meet new Securities and Exchange Commission reporting requirements for short sales.
In October, the SEC mandated weekly Form SH filing requirements for money managers, to address market volatility. Form SH followed the Sept. 19 temporary ban on short-selling that was implemented amid the financial markets crisis. It is for money managers that are also required to file the quarterly Schedule 13-F on long positions.
“The SEC estimates that the Form SH filing process can take up to 20 hours per week to complete, at a cost of $1,000 per filing,” said CEO Bill Mulligan. “HedgeOp’s Form SH Platform automates this time-intensive process, reducing the time spent on each filing by approximately 75%. The Form SH Platform saves staff resources, which over the course of the year adds up to a significant and meaningful reduction in operational costs.”