On June 23rd, the SEC announced that it has approved rules and amendments to Form 13F to increase efficiency and make data more accessible to the public. The amendments will require the filing of certain applications, confidential treatment requests, and forms to be converted from paper to electronic submission. Subject to the rule and form amendments are registered investment advisers, institutional investment managers, and others that file or submit reports to the SEC via the EDGAR system or the Investment Adviser Registration Depository (IARD) system.
The updated amendments will modernize the current rules by:
- revising submissions and promoting more efficient storage, retrieval, and analysis of filings
- updating the SEC’s recordkeeping process and enhance its ability to track and process filings
- increasing the public availability of filed electronic submissions, making them available generally in easily searchable formats to benefit investors and other users of the documents
The SEC is also adopting amendments to Form 13F under which managers must to provide additional identifying information, including Central Registration Depository (CRD) numbers and SEC file numbers, if applicable. If a manager is filing a Form 13F notice report on Form 13F-NT, the manager is required to provide the CRD number and SEC file number of any other manager included in the “List of Other Managers Reporting for this Manager” table on the cover page.
Under the rule and form amendments, the following require electronic filing or submission:
- Confidential treatment requests for Form 13F filings on EDGAR
- Form ADV-NR (through the IARD system)
- Applications for orders under the Advisers Act on EDGAR
To ensure advisers, applicants, and managers have sufficient time to revise their procedures, the SEC is providing a six-month transition period. The new rules and form amendments will go into effect 60 days following publication in the Federal Register, excluding the amendments to Form 13F, which will be effective on January 3, 2023.
Sources:
SEC Adopts Rules to Require Electronic Filing for Investment Advisers and Institutional Investment Managers (sec.gov)
Fact Sheet (sec.gov)
Final Rule (sec.gov)
