On April 27th, the SEC granted accelerated approval to FINRA's proposed amendment of FINRA Rule 4560, which requires each FINRA member to maintain a record of total short positions in all customer and proprietary firm accounts in all equity securities (other than Restricted Equity Securities as defined in Rule 6420) and regularly report such information to FINRA. The Rule generally provides that the short positions to be recorded and reported are those resulting from "short sales" as that term is defined in Rule 200(a) of Regulation SHO. FINRA has proposed to amend the Rule to codify interpretive guidance previously issued by the Intermarket Surveillance Group that instructed members to report "gross" short positions existing in each proprietary and customer account (rather than net positions across accounts); clarify that members' short interest reports must reflect only those short positions that have settled or reached settlement date by the close of the reporting settlement date designated by FINRA; clarify that members must reflect company-related actions in their short-interest reports adjusted as of the ex-date of the corporate action (and if no ex-date is declared by a self-regulatory organization, then the payment date); and delete certain existing exceptions to the Rule. Comments should be submitted on or before May 24, 2012. SEC Release. No 34-66872