Form 13F is the reporting form filed by institutional investment managers pursuant to Section 13(f) of the Securities Exchange Act of 1934.
Congress passed Section 13(f) of the Securities Exchange Act in 1975 in order to increase the public availability of information regarding the securities holdings of institutional investors. See Section 13(f) of the Securities Exchange Act . Congress believed that this institutional disclosure program would increase investor confidence in the integrity of the United States securities markets.
Question 2
Q:
Who must file Form 13F?
A:
Institutional investment managers that use the United States mail (or other means or instrumentality of interstate commerce) in the course of their business and that exercise investment discretion over $100 million or more in Section 13(f) securities must file Form 13F. See Section 13(f)(1) of the Securities Exchange Act .
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.g. , a municipal pension fund) an "institutional investment manager?"
A:
Yes. Such person meets the definition of an institutional investment manager because a "person" for purposes of Form 13F reporting is "a natural person, company, government, or political subdivision, agency, or instrumentality of a government." See Section 3(a)(9) of the Securities Exchange Act (defining "person") and SEC Release No. 15292 (Nov. 2, 1978). Such person must file Form 13F if that person exercises investment discretion over $100 million or more in Section 13(f) securities.
Question 4
Q:
Are foreign institutional investment managers required to file Form 13F?
A:
Yes, if they: (1) use any means or instrumentality of United States interstate commerce in the course of their business; and (2) exercise investment discretion over $100 million or more in Section 13(f) securities. See Section 13(f)(1) of the Securities Exchange Act and SEC Release No. 34-14852 (June 15, 1978).
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