SEC to require e-filing for advisors, institutional managers

Accounting

The Securities and Exchange Commission approved new rules that require institutional investment managers and investment advisors to file certain forms electronically.

Specifically, applications for orders under the Advisers Act on EDGAR; confidential treatment requests for Form 13F filings on EDGAR; and Form ADV-NR (through the IARD system) must now be filed electronically.

The SEC further amended the rules around Form 13F to require managers to provide additional identifying information and to allow managers to disclose, for any security reported on Form 13F, the security’s share class level Financial Instrument Global Identifier. Under the new rules, each Form 13F filer must now provide its Central Registration Depository number and SEC file number, if any. Furthermore, 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.

“In a digital age, it is important for filers to have easy, online methods to submit information to the commission, and where appropriate for investors to have easy, online access as well,” said SEC Chair Gary Gensler in a statement. “Electronic filing, as opposed to paper filing, makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors and the SEC.”

gensler-gary-sec-gesturing.jpg
Gary Gensler

Evelyn Hockstein/Bloomberg

Save for the amendments to Form 13F, the new rules and form amendments will be effective 60 days after publication in the Federal Register. The amendments to Form 13F will be effective on Jan. 3, 2023. The SEC is providing a six-month transition period to provide filers with adequate time to prepare to submit these documents electronically.

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