If a natural person exercises investment discretion over the account of any other person or entity, then he or she is an institutional investment manager and must file Form 13F. That person can request confidential treatment from the Commission, but is still required to file Form 13F.
On the other hand, Section 13 f 6 A specifically excludes from the definition of institutional investment manager a natural person investing in or buying and selling securities for his or her own account. Under these circumstances, a natural person does not file Form 13F. A: Confidential treatment lasts indefinitely when it is granted to a particular Form 13F filing based on the personal holdings exemption.
A grant of confidential treatment does not, however, exempt the filer from submitting Form 13F every calendar quarter. In addition, such a grant of confidential treatment does not guarantee that the filer will always receive confidential treatment because changed circumstances may make the personal holdings exemption inapplicable.
A: Confidential treatment is available for open risk arbitrage positions in accordance with Confidential Treatment Instruction 2. You may request a copy of these releases by reviewing How to Request Documents. Confidential treatment is available to an open risk arbitrage position through the end of the quarterly period in which a deal is completed or terminated, because the confidential treatment procedures include a reasonable period of time to liquidate a risk arbitrage position.
Requests for a longer period of confidential treatment following the completion or termination of a risk arbitrage transaction must, at a minimum: i confirm that the position will continue to meet the definition of risk arbitrage; ii confirm that the position is not being held for tax or investment purposes; iii explain the post-completion or post-termination liquidation program; and iv justify the time period for confidential treatment.
Q: What if I want confidential treatment for commercial or financial information other than a risk arbitrage position s? A: Confidential treatment is available in accordance with the Freedom of Information Act, and, most typically for a non-risk arbitrage investment position s of an institutional investment manager, in certain limited circumstances for an ongoing investment strategy such as an ongoing program of acquisition or disposition.
See :. Q: How long does confidential treatment for commercial information, including open risk arbitrage positions, last? A: Filers initially may request confidential treatment for three months, six months, nine months, or one year.
The duration of confidential treatment is measured from the required quarterly filing date. See Confidential Treatment Instructions 2. Requests for confidential treatment of commercial information should be limited to the period of time necessary to effectuate the manager's investment strategy. Requests should support the time period for which confidential treatment is requested, in the context of the particular trading strategy involved.
You must justify the specific time period of confidential treatment requested for each security. If necessary, filers may seek to extend confidential treatment beyond the period of time granted, by filing a de novo request pursuant to Confidential Treatment Instruction 2. You must file an amendment to your public Form 13F whenever your request for confidential treatment is denied by the Commission or when confidential treatment that was previously granted by the Commission expires. Amendments must be filed electronically, via EDGAR, within six business days of the denial of a confidential treatment request or the expiration of confidential treatment.
To amend a public filing, you must number the amendment on the Cover Page, and specify that it adds entries for new holdings to your public Form 13F. You must include the following legend at the top of your Form 13F Cover Page:. A: Upon either the denial of a request for confidential treatment, or the expiration of a grant of confidential treatment, you must — within six business days — amend your public Form 13F filing for a given calendar quarter.
You also should promptly amend your Form 13F filing upon the discovery of an error in any Form 13F that you previously filed with the Commission. Q: How do I amend my Form 13F filing if there is an error e. Note: FAQ 58 c explains how to amend your Form 13F filing when certain reportable securities are not listed on your original, public Form 13F filing, either because such securities were meant to be included but were omitted from the public filing or because such securities relate to a request for confidential treatment.
A: If your filing includes incorrect information, you should correct any error s and file an amendment. The institutional investment manager that filed the Form 13F that is being corrected must file the amendment. On the Cover Page, you restate the original calendar quarter for which the report was filed, and check the box that designates the subsequent filing as an amendment for such quarterly filing.
You should also assign a number to the amendment e. In making such an amendment, you must resubmit your entire filing, as corrected. When you resubmit the entire filing, your amended filing will supersede your original filing.
On the Cover Page, you should check only the box that designates the amendment as a restatement. The Cover Page also is the place to include any brief explanatory remarks about the amendment. You should insert such explanatory remarks on the Cover Page after the signature of the person signing the report, and preceding the Report Type section. When completing the Summary Page for any amendment, your summary should reflect only the information listed on the amendment.
For example, if the amendment only reports the holdings of the manager filing the amendment, you would enter the number zero for the Number of Other Included Managers in the Report Summary section. See Special Instructions 7. If the amendment reports the holdings of one additional manager, you would enter the number one for the Number of Other Included Managers in the Report Summary section. In addition, you would enter the name and Form 13F file number of the additional manager in the List of Other Included Managers section.
The identifying number this is different from the Form 13F file number should match the identifying number used for the additional manager on the original Form 13F filing for the quarter. The List of Other Included Managers section must identify all other managers listed in column 7 of the amended Information Table.
Do not list the manager filing the amendment in this section. Finally, you should note that multiple amendments are not only permitted, but often required. For example, if you have already filed an amendment that is a restatement, and subsequently discover the need to file another amendment that is also a restatement, you must file a second, separate amendment.
Q: How do I amend my Form 13F filing if certain reportable securities were not listed on my original, public Form 13F filing? A: Your amendment only should include the securities that are being added. On the Cover Page, you should check only the box indicating that the amendment adds entries for new holdings. Otherwise, you should follow the steps outlined in FAQ 58 b. The amended filing will supplement the original filing.
Multiple amendments are not only permitted, but often required. For example, if your amendment is both a restatement and adds new holdings, you must file two separate amendments. Amendment number one would correct any error s e. Check the box designating the amendment as a restatement. Amendment number two would add the new holdings that were erroneously omitted. Check the box designating the amendment as adding entries for new holdings.
Q: Do I follow the same steps outlined in FAQ 58 b to amend my Form 13F filing when either: i my confidential treatment request was denied; or ii confidential treatment has expired? A: Generally yes, but with two exceptions. First, you must always check the box that designates the amendment as adding new holdings. See FAQ 58 above. Remember, the institutional investment manager that filed the original Form 13F must file the amendment.
For example, if your confidential treatment request is partially denied and partially granted, you must file two separate amendments. These changes are intended to help filers avoid common mistakes and increase the utility of data submitted on Form 13F. All 13F filings including amendments and restatements of filings that were filed prior to May 20, must use the new system. For further information about the new online form and XML information table, see:.
Search SEC. Securities and Exchange Commission. Question 1 Q: What is Form 13F? Question 2 Q: Who must file Form 13F? Question 3 Q: What is an "institutional investment manager"?
Question 3 a Q: Is a person who exercises investment discretion with respect to an account organized by or under the auspices of a governmental authority e.
Question 4 Q: Are foreign institutional investment managers required to file Form 13F? Question 5 Q: Must an institutional investment manager file Form 13F even if it is not an SEC-registered investment adviser because it does not meet the definition of investment adviser in Section a 11 of the Investment Advisers Act? Question 6 Q: What is "investment discretion"?
Question 7 Q: What are "Section 13 f securities"? Question 8 Q: What information must institutional investment managers report on Form 13F? A: Among other things, Form 13F filings must include: the issuer name of all Section 13 f securities which should be listed in alphabetical order ; a description of the class of security listed e. Question 8b Q: Should a manager use the trade date or the settlement date for reporting purposes? A: The trade date. It is only available on the SEC website.
See FAQ 9, above. Question 22 Q: What if I still have questions about the electronic filing rules? What Is the Filing Deadline? Question 26 Q: What if I miss the filing deadline? Question 27 Q: How do I calculate the value of my Section 13 f securities? Question 29 Q: Can you give me an example?
Question 31 Updated: August 2, Q: What must be filed? A: See FAQs 11 and The proposal includes specific requests for comment on the proposed threshold, and whether an alternative method to adjust the threshold should be considered, as well as on the estimates of the burdens and costs to investment managers, particularly smaller managers, in preparing and filing Form 13F. Reporting Threshold for Institutional Investment Managers. The Commission is proposing to raise the reporting threshold for Form 13F and to make certain other changes to the form.
Section 13 f also gives the Commission broad rulemaking authority to determine, among other things, the size of the institutions required to file reports and the authority to raise or lower the threshold. The proposal would also direct the staff to conduct reviews of the Form 13F reporting threshold every five years and recommend an appropriate adjustment to the Commission, if the staff believes after such review that additional adjustments should be made to the threshold.
The proposed adjusted threshold is based on the growth of the U. In addition, the proposal would eliminate the omission threshold that currently permits managers to exclude from the form certain small positions.
The proposal also would a require managers to report certain numerical identifiers to enhance the usability of the information provided on Form 13F; b make certain technical amendments to modernize the information reported on Form 13F; and c conform the standard for SEC review of requests for confidential treatment of Form 13F information with a recent decision by the U. Supreme Court. The news release has moved that date to February 15, Those filing on the original January 3, extended relief date would have been required to file the returns in paper form rather than electronically.
The memorandum also discusses the application of the self-employment tax rules to two specific situations. Potentially abusive use of the US-Malta tax treaty. Some U. Ordinarily gain would be recognized upon disposition of the plan's assets and distributions of the proceeds.
The IRS is evaluating the issue to determine the validity of these arrangements and whether Treaty benefits should be available in such instances and may challenge the associated tax treatment. In August of , the Wall Street Journal published an article describing the structure in more detail. Under this special rule, gross income does not include any amount which would otherwise be includible in gross income by reason of the discharge in whole or in part after December 31, , and before January 1, , of loans provided for postsecondary educational expenses, whether the loan was provided through the educational institution or directly to the borrower.
Such loans must have been made, insured, or guaranteed by the United States, or an instrumentality or agency thereof, a State, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof, or an eligible educational institution.
Additionally, certain private education loans and loans made by certain educational organizations qualify for this special rule. The IRS has released the mileage rates for in Notice The standard mileage rate for will be
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