SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers – Amend Reporting Threshold to Reflect Today’s Equities Markets

July 15, 2020

Form Use and Background

SEA Rule 13(f) requires a manager to file a report with the SEC if the manager exercises investment discretion with respect to accounts holding equity securities over the threshold. Aggregate fair market value on the last trading day of any month in a year of at least $100 million. The form gives SEC data, from large managers, on their investment activities and holdings. Data used to assess manager influence and impact, as well as to maintain fair and orderly markets.

2020 Threshold Changes

Raises reporting threshold to $3.5 billion, from $100 million reflecting the market value of equities. An increase in thresholds aims to reduce the unnecessary burdens on smaller managers while retaining disclosure, of over 90% of dollar value of holdings data currently filed. The rule would direct SEC staff to review form 13F reporting thresholds every five years.

Other Changes

The eliminated ability of managers to omit small positions to improve the quality of data filed.
Require managers to report numerical identifiers, to improve the usability of the information provided. Use number assigned by FINRA central registration depository (CRD), or by the IARD. Amend instructions requests related to confidential treatment of Form 13F information.

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