SEC adopts amendments on adviser, manager electronic filing requirements

The Securities and Exchange Commission (SEC) recently adopted amendments focusing on electronic filing requirements for investment advisers and institutional investment managers.

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“In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” SEC Chair Gary Gensler said. “Electronic filing, as opposed to paper filing, makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.”

The amendments also modernize Form 13F, per the SEC, while promoting efficiency, transparency, and resiliency by updating how information is filed or submitted to the SEC Commission and disclosed to the public.

Electronic submission expansion enables the SEC and filers to more effectively navigate future disruptive events that make the paper submission process burdensome, impractical, or unavailable. With the exception of the modifications to Form 13F, the new rules and amendments will go into effect 60 days after publication in the Federal Register.

Form 13F will be effective on Jan. 3, 2023, according to the SEC, with the agency providing a six-month transition period to give filers adequate time to prepare to submit the documents electronically.