Explained: Form 13F

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Form 13F was introduced by Congress in 1975 to provide the U.S. public with a means of seeing the holdings of the nation's largest institutional investors. Here we answer some common questions on this disclosure requirement. 

 

What is Form 13F and who does it apply to?

Form 13F is a quarterly holdings report filed to the U.S Securities and Exchange Commission (SEC). Every institutional investment manager with control of over US$100 million in assets should check whether they are required to file a 13F each quarter.

If at any month-end during the year you manage US$100m of 13F securities, you are required to file a 13F report at year-end, and for each of the following three  quarters. This is regardless of whether your value in 13F securities falls below US$100 million during the year.

The SEC publishes the 13F list of relevant securities each quarter. The list contains stocks, options, ETFs, warrants, convertible bonds and ADRs; all of which should be disclosed on Form 13F if held. Read our blog "13F: More than Meets Excel" for more information on how to determine if a security is reportable under section 13F.

What does the Form 13F report need to include?

The Form 13F report requires you to disclose:

  • The name of the institutional investment manager that files the report

and, with respect to each section 13(f) security over which it exercises investment discretion:

  • The name and class
  • The CUSIP number
  • The number of shares as of the end of the calendar quarter for which the report is filed
  • The total market value

When is the next filing deadline?

The SEC typically publishes the list of 13F relevant securities 8-10 days after the quarter end. It is important to remember that the positions required to be disclosed are the ones held on the day of the quarter end, and not when the list is published. 

Form 13F is required to be filed within 45 days of the end of a calendar quarter. If that day falls on a Saturday, Sunday or holiday then the deadline is the next business day.

What are the consequences for not complying?

The SEC do not provide any filing extensions. A late or missed 13F Filing report will most likely lead to administrative sanctions and can also damage a firm's reputation. It is important to note that many sanctions are served privately and are therefore not disclosed to the public.

How can I ensure that my firm is compliant?

With FundApps’ automated Shareholding Disclosure service, most of the difficult work is done for you. Our platform sources the latest 13F list as soon as it is published by the SEC and retrieves the data, which is then securely cross-referenced against the positions our clients hold. If a disclosure obligation is found, your compliance team is automatically notified and able to generate a pre-populated form to send to the SEC.

We take the complicated 13F process and make it simple: no Microsoft Excel frustrations, expensive consultants or other 13F related actions are necessary.

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Think you can handle Form 13F?

Test your knowledge with our short quiz, it only takes a couple of minutes to complete! 

Or if you'd like more information on Section 13, check out these blog posts.

 

 

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