Replies to post #77591 on Paychest Inc (PYCT)

[Brad S]

One of the reports they don't have to 'report' is the bi-monthly short report

Okay, I've seen this lie posted often enough now that it's time to address it.


http://www.otcbb.com/asp/OTCE_Short_Interest.asp

NASD Rule 3360 has been expanded to require FINRA member firms to report their short positions on all over-the-counter (“OTC”) equity securities to FINRA effective July 3, 2006. Once the short position reports are received, the short interest is then compiled for each OTC security.

Effective September 7, 2007, Rule 3360 was changed to require firms to increase the frequency of short interest reporting from monthly to semi-monthly cycles. Please refer to the Short Interest Reporting Deadlines for the current reporting schedule.

The mid-month short interest report is based on short positions held by members on the settlement date of the 15th of each month. If the 15th falls on a weekend or another non-settlement date, the designated settlement date will be the previous business day on which transactions settled. The end-of-month short interest report is based on short positions held on the last business day of the month on which transactions settle. The reports must be filed by the second business day after the reporting settlement date. The short interest data is compiled and provided for publication on the 8th business day after the reporting settlement date.

http://www.otcbb.com/asp/OTCE_Short_Interest.asp

FINRA Consolidates the Collection of Short Interest Data

Effective June 30, 2008, firms must report short interest positions in all securities—including NASDAQ, NYSE Alternext US LLC,1 NYSE, NYSE Arca and OTC equity securities—through a single source on a bi-monthly basis: FINRA's Web-based Regulation Filing Applications (RFA) system (see Regulatory Notice 08-13). Firms are reminded that they must designate each issue symbol contained in their short interest reports with the correct exchange/market code.