What is SEC Form 13H?

SEC Form 13H is used by large traders to register with the Securities and Exchange Commission (SEC) in accordance with the requirements set forth in Section 13(h) of the Securities Exchange Act of 1934. This reporting form is a means by which the SEC can identify traders dealing in a sizeable amount of trading activity, collect information on as well as analyze their trading activity.

The SEC Division of Trading and Markets instituted large trader reporting with the development of trading technology that allowed for the speedy execution of a high volume of trading. A large trader is defined as a person—including a firm or individual—whose transactions in NMS (national market system) securities equal or exceed two million shares or $20 million during any calendar day, or 20 million shares or $200 million during any calendar month.

An NMS security is “any security or class of securities for which transaction reports are collected, processed and made available pursuant to an effective transaction reporting plan, or an effective national market system plan for reporting transactions in listed options.” This typically includes any security or class of securities listed on national exchanges or traded through NASDAQ.

Large traders are required to submit an initial filing on SEC Form 13H within 10 days after the Large Trader effects aggregate transactions equal to or greater than the identifying activity level. They will then receive a large trader identification number that must be shared with all US registered broker-dealers effecting transactions on their behalf. Following the initial filing, large traders must make an annual filing on SEC Form 13H-A within 45 days from the end of each calendar year. Filers must amend their annual filings on a quarterly basis on Form 13H-Q if there are any material changes.

Large traders must file Form 13H-I to make their status as a Large Trader Inactive, or file Form 13H-T in order to terminate their filing requirements.

SEC Form 13H is filed via the EDGAR (Electronic Data Gathering, Analysis and Retrieval) system. As these filings typically contain confidential information, they are not made publicly available.

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