Next generation “SaaS” Securities and Exchange Commission (SEC) regulatory disclosure service iCrowdNewswire has launched an…
Publisher: Morrison & Foerster LLP
Author: Daniel A. Nathan
The SEC’s “large trader” rules that apply to clearing firms and certain other firms will kick in this November.
Thanks to a recent SEC© release, some firms are getting a two-year compliance reprieve, but they must develop the procedures and systems for reporting large trader activity within those two years.
The SEC© adopted Rule 13h-1 on July 27, 2011, with the goal of enabling the SEC© to assess the impact of large trader activity on the securities markets and to support its investigative and enforcement activities. In brief, Rule 13h-1 requires a large trader – defined as a person who exercises investment discretion over one or more accounts, and whose transactions in NMS (national market system) securities equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million during any calendar month – to identify itself to the SEC© and file certain information on Form 13H. The SEC© then assigns the trader a large trader identification number (LTID).
To view the full alert, please visit: http://www.mofo.com/files/Uploads/Images/130815-SEC-Delays.pdf