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Section 13 SEC Reporting by Advisers and Brokers and Section 16 SEC Reporting by ''Insiders'' of Public Companies

Under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), advisers and brokers who exercise investment discretion over funds or accounts which hold exchange traded equity securities may be required to file acquisition and ownership reports with the Securities and Exchange Commission (the “SEC”) in certain circumstances. These reports, which are required by Section 13 of the Exchange Act, may be filed on Schedule 13D, Schedule 13G, Form 13F, and/or Schedule 13H, each of which are discussed in more detail in the enclosed publication. In addition, Section 16 of the Exchange Act imposes a reporting obligation on certain persons considered “insiders” of a company that has a class of equity securities registered under Section 12 of the Exchange Act. Such insiders may be liable for short swing profits – i.e., profits made from sales and purchases of the company’s securities within a six-month time period. This publication summarizes the Section 13 reporting requirements applicable to investment advisers and brokers, focusing particularly on Schedule 13G, and the Section 16 reporting requirements applicable to “insiders” of public companies, and includes a schedule of the filing deadlines for 2013.

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