SEC Adopts Large Trader Reporting System

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On July 26, two decades after it first proposed adoption of a large trader reporting system, the Securities and Exchange Commission (SEC) voted to adopt Rule 13h-1 (the Rule) under the Securities Exchange Act of 1934 (Exchange Act). The Rule builds on the existing electronic blue sheets (EBS) system developed jointly by the SEC and the self-regulatory organizations to require broker-dealers to provide customer and proprietary transaction trading information to the securities regulators in connection with surveillance and enforcement inquiries.1

The Rule requires any person that is a “Large Trader,” including individuals managing their own accounts, to register with the SEC using Form 13H and obtain an identification number from the SEC. After receipt of an identification number, Large Traders must disclose their identification number to all executing and clearing registered broker-dealers through whom they transact in NMS securities.2 They must also update their Form 13H on an annual basis and, if the information contained therein changes in any way, must file an updated Form 13H by of the end of the quarter in which the change occurs.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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