Legal Question in Securities Law in Idaho

Does a short sale require one to report on the U4?

What triggers the reporting, the closing of the sale or the listing to sell?

Do you report it at the trigger or when you do the annual U4 update?


Asked on 10/04/11, 7:23 pm

1 Answer from Attorneys
Andrew May May Law, PC

I imagine that your question has to do with 14 K(1) from Form U-4 re; settling for less with creditors.

I believe that the disclosure is triggered by the closing, as a fair number of short sales do not go through. I believe that the reporting is covered within 30 days of the event, but check with your Compliance Department. Also, look out for question 14 M. re: "unstisfied judgments or liens against you."

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Answered on 10/10/11, 2:23 pm


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