Aggregated News From Investment Management Regulators

SEC Proposal: Will You Still Be a 13F Filer?

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On July 10, 2020, the US Securities and Exchange Commission (SEC) released a proposed rule amendment to increase the Form 13F reporting threshold from US$100 million to US$3.5 billion. An institutional investment manager (Manager) is currently required to file a Form 13F on a quarterly basis if the Manager exercises investment discretion over accounts of certain equity securities with an aggregate fair market value of at least US$100 million on the last trading day of any month, a number that has continued to look smaller and smaller since the adoption of the threshold in 1975. The SEC has explained that the proposed threshold increase to US$3.5 billion is proportionate to the growth of the US equities market since that time. The SEC has estimated that 89.2% of current 13F filers would no longer be required to make such filings based on this threshold increase. At the same time, the SEC explained that, since most reported holdings are currently held by large Managers, the increase of the threshold to US$3.5 billion would retain disclosure of 90.8% of the dollar value of Form 13F holdings currently reported.

Read the full article from Latham & Watkins here: https://www.globalfinregblog.com/2020/07/sec-proposal-will-you-still-be-a-13f-filer/

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