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SEC Proposal to Raise 13F Quarterly Holding Reporting Waiver to $3.5 Billion

https://www.bloomberg.com/news/articles/2020-07-10/hedge-funds-would-get-to-keep-lots-of-trades-secr...

".....The Securities and Exchange Commission  said Friday that it’s considering requiring only investors who hold at least $3.5 billion in equities to disclose their holdings quarterly. Under current requirements, fund managers with at least $100 million in securities must report their investments every three months. The proposal would mark a dramatic easing of rules that haven’t been changed in more than four decades.....Hedge funds, mutual funds and other money managers reveal equity investments in forms known as 13Fs. They must be filed within 45 days of the end of each quarter. The documents show a fund’s holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt.....The SEC will seek public comment on its proposal for 60 days....."

YBB
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Re: SEC Proposal to Raise 13F Quarterly Holding Reporting Waiver to $3.5 Billion

Does this raise a potential for more black boxes in OEFs?

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Re: SEC Proposal to Raise 13F Quarterly Holding Reporting Waiver to $3.5 Billion

Yes, more black box funds. Many small OEFs, CEFs and hedge-funds won't have to disclose quarterly. New OEFs won't have to disclose quarterly until their AUM rises to $3.5 billion. I suppose semiannual and annual reports/disclosures/filings would continue.

The ETFs have their own rules for disclosures, so that may not be affected by this.

Also unclear is if the rule will apply at firm/advisor level or each fund level. This may also affect data from M* unless funds continue more periodic voluntary disclosures to M*.

IMO, this proposal is penny wise but pound foolish. 

YBB
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