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  • Writer's pictureMelissa Strle

SEC Adopts New Form 13F Rules to Benefit Many


The Securities and Exchange Commission (SEC) is adopting new rules and changes to the content and presentation of SEC Form 13F. These changes are effective on January 3, 2023.

The SEC Form 13F is a quarterly report filed through the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database. It is required to be filed by all institutional investment managers (exercising investment discretion or control) with at least $100 million in assets under management.

What Does This Mean For Form 13F Filers?


The SEC is requiring filers to update the reporting of Form 13F.


Therefore, at Newsfile, we have updated our 13F Excel reporting template. This template version will be required when working with us to prepare 13F filings going forward.



Please reach out to office@newsfilecorp.com for help in reporting Form 13F’s and preparing and filing confidential treatment requests electronically.


Specific Changes to Form 13F


The summary information below can be found in the SEC’s final rule. Moreover, page numbers designate the location of the information in the final rule.


  • The inclusion of the Investment Manager’s CRD Number and SEC File Number on the cover page, if any. 28

  • The inclusion of the CRD Number and SEC File Number of any other manager included in the, “List of Other Managers Reporting for this Manager” table, if any, if filing a notice report on 13F-NT. 28

  • The optional disclosure of a security’s FIGI in addition to its CUSIP Number for securities in the information table. 29

  • Requiring all dollar values listed on Form 13F to be rounded to the nearest dollar, rather than to the nearest one thousand dollars. 33

  • The requirement to omit the “000”, when reporting dollar values on Form 13F, is removed. 33

Changes to 13F Confidential Treatment Requests


The final rule also changes the way 13F Confidential Treatment Requests are handled.


  • A 13(f) Confidential Treatment Request will be filed electronically. Such requests will be made via EDGAR as a separate, non-public filing. 26

  • The summary page will be amended to require a manager seeking confidential treatment to indicate if confidential treatment is being requested for some or all the manager’s holdings for the quarter-end period. 27

  • Regulation S-T is amended to add “13(f) Confidential Treatment Requests” to the list of mandated electronic filings. 28 ⦊ The SEC has subsequently added form types 13F-CTR and 13F-CTR/A for this purpose.

Why the SEC is Adopting New Rules for Form 13F & Filings


Electronic filings are more readily available to the public than paper filings. Also, they are available on websites in more searchable formats.


Subsequently, technical amendments or changes are being made to modernize the 13F and enhance provided information.


Recently, the SEC updated XBRL to iXBRL. Similarly, the SEDAR+ program in Canada is adopting technological improvements.


The SEC is laying out new rules or amendments to accomplish the following:


  • Require the electronic filing or submission of certain documents by investment advisers, institutional investment managers and others that are currently filed on paper; and

  • Amend or change Form 13F to modernize and enhance the information reported on the form.

What are the SEC’s New Rules Meant to Achieve


The new SEC amendments are promoting efficiency, transparency and operational resiliency.


Furthermore, the SEC will achieve this by modernizing how companies file and submit information to the Commission and to the public.


In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well. Electronic filing, as opposed to paper filing, makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.

SEC Chair, Gary Gensler


When is the SEC Form 13F Filed?


Companies are required to file the SEC EDGAR 13F Form on a quarterly basis within 45 days of the calendar quarter.


Information That Investment Managers Must Disclose on Form 13F


Investment managers must disclose the following information on 13F filings:


  • Name of the institutional investment manager

  • ‘Section 13F Security’ name and class*

  • Security CUSIP number

  • Number of shares at the end of the calendar quarter

  • Total market value

* Section 13F Securities generally include equity securities that trade on an exchange (including the Nasdaq National Market System), certain equity options and warrants, shares of closed-end investment companies, and certain convertible debt securities.


 

Ready to get your EDGAR or SEDAR filing done? Just leave everything to us!


Feel free to reach out to Newsfile for help with all of your SEDAR or EDGAR filing needs at office@newsfilecorp.com.


Read more from the Newsfile Blog, including newswire, EDGAR, SEDAR, PR, IR, media, the latest industry trends and more.


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