D. Reasons Why A Security With a Large Short Position May Not Appear on a Threshold List There are various reasons why an equity security with a large short position may not appear on an SRO's threshold securities list, 25 for example:
the aggregate delivery failures do not meet the definition of a threshold security in Regulation SHO;
the security's issuer is not registered or required to file reports with the Commission. For instance, the majority of issuers quoted on the Pink Sheets do not file reports or register with the Commission, and so would not appear on threshold lists.26
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