SEC Amendments to 13F
On 23rd June 2022, the Securities and Exchange Commission (SEC) adopted amendments to modernize Form 13F and enhance the information provided. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing how information is filed or submitted to the Commission and disclosed to the public.
The new electronic filing requirements will affect the confidential treatment requests for Form 13 which was previously submitted on paper.
Additionally, the rule will also enhance the information reported on Form 13F. These changes include:
- Requiring filers to provide additional identifying information, allowing filers to provide an additional security identifier for securities reported on the form, and
- Making other technical amendments to improve the quality of data reported on the form.
Additional Identifying Information and Optional Use of FIGI
The amendments will require each Form 13F filer to provide its Central Registration Depository number (“CRD number”) and SEC file number.
If a manager is filing a Form 13F notice report on Form 13F-NT, the manager must include the CRD number and SEC file number, if any, of any other manager included in the “List of Other Managers Reporting for this Manager” table on the cover page.
Additionally, the SEC is adopting an amendment to Form 13F that would allow managers to disclose, for each security reported on Form 13F, the security’s Financial Instrument Global Identifier (FIGI) in addition to its CUSIP number.
Instructions for Confidential Treatment Requests
The SEC are also adopting as proposed, an amendment to the instructions on Form 13F for 13(f) Confidential Treatment Requests to require managers seeking confidential treatment for information contained in Form 13F to demonstrate that the information is customarily and actually kept private by the manager and that failure to grant the request for confidential treatment would be likely to cause harm to the manager.
Technical Amendments to Form 13F
The SEC are also adopting as proposed certain technical amendments to Form 13F designed to account for the change in the required format of Form 13F submissions from the plain-text ASCII format to the XML-based structured data language in 2013. Specifically, the SEC are adopting amendments to simplify the rounding conventions of Form 13F by requiring all dollar values listed on Form 13F to be rounded to the nearest dollar, rather than to the nearest one thousand dollars as is currently required.
Additionally, the SEC are adopting amendments to remove the requirement that filers, when reporting dollar values on Form 13F, omit the “000.”
Furthermore, the amendments will remove the 80 character limit imposed on the information filers can include on the cover page and the summary page and the 132 character limit on the information table.
The amendments to Form 13F will be effective on January 3, 2023.
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