Bloomberg News

NYSE Asks SEC to Shorten 13F Filing Period to 2 Days From 45

February 06, 2013

Institutional investors should be required to publicly disclose equity holdings within two days after the quarter ends, instead of 45 days, NYSE Euronext said in a petition to U.S. regulators.

A shortened time frame will help investors and public companies receive timely information and technological advances make it possible, NYSE and corporate governance and investor relations groups wrote in a letter dated Feb. 1 to the U.S. Securities and Exchange Commission. The rule applies to pension funds, investment advisers and other investors with at least $100 million that currently must file a 13-F form.

The time frame is “unnecessarily long, and to that extent the current delay period runs contrary to the interests of investors and public companies,” according to the petition, which was written by NYSE, the Society of Corporate Secretaries and Governance Professionals and the National Investor Relations Institute.

While institutions owned the majority of the U.S. shares outstanding in 2009, the delay means that individuals and public companies will get “little meaningful information” from the 13F filings, the letter said. The 45-day period has been in existence for more than three decades, the groups said.

John Nester, an SEC spokesman, said the commission would seek public comment on the petition. The agency isn’t required to respond to petitions for rulemaking or take action on them, although they are studied by the SEC staff.

Petition Reviewed

“Staff reviews the petitions as appropriate and they can and do inform our work,” Nester said, declining to comment specifically on the NYSE’s request.

Investors would benefit from seeing holdings sooner and companies would be better able to identify shareholders and communicate with them, according to the letter. Reducing the time period would be in line with the purpose of the 13F filing, which is to inform other shareholders and companies when large investment managers accumulate shares, it said.

“Investors are denied the ability to track institutional investor holdings in their investments because by the time the reporting deadline occurs, the investor would have no way of knowing whether the information reported in the Form 13F remains current,” the groups said in the petition.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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